Although there is no clear legal regulation against cryptocurrency speculation in the country, the state prohibits it and has cut off capital inflow and outflow channels. Speculating on cryptocurrency is purely a personal investment behavior and will not receive legal support; individuals must bear all risks and returns on their own.
For investments in projects like Sun's cut, people are harmonious when making money and curse when losing; this is similar to homebuyers vandalizing sales offices when house prices drop. The state has repeatedly prohibited cryptocurrency speculation; seeking help from the government to recover losses after losing money is unreasonable, and there is no legal support for cryptocurrency trading losses domestically. We should protect our own wallets.
Some believe the cryptocurrency space is a big scam; however, if it were truly a scam, why would it have existed for so long? Moreover, countries like the United States, Russia, and South Korea strongly support the development of virtual currencies, indicating that the cryptocurrency space has its value. We should recognize both its dangers and advancements. For example, the innovation and progress of blockchain technology occur within the cryptocurrency space; the essence of blockchain is decentralization, which requires more nodes to participate, and participation needs incentives, i.e., tokens, which can be exchanged for cash. This is how the ecosystem of blockchain projects can thrive, innovate, and decentralize.
Regarding personal buying and selling of Bitcoin, on September 24, 2021, the National Development and Reform Commission and 11 other departments jointly issued a notice (on rectifying virtual currency 'mining' activities) and the People's Bank of China along with 10 other departments issued a notice (on further preventing and handling risks of virtual currency trading speculation). These two notices indicate that buying and selling digital currency is not protected by law, and profits and losses are borne by individuals. For individuals trading USDT, it is generally not illegal, but selling it via a bank card and receiving dirty money makes it illegal; the illegal aspect is whether the bank card payment is clean. If innocently caught in this, one can seek legal counsel to prove innocence, generally not resulting in severe penalties, but there will be certain financial losses.
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