1. Is cryptocurrency speculation legal or not?
The 924 document stated that although cryptocurrency speculation is banned, it is not considered illegal. I remember once when my cryptocurrency account was frozen, I argued with the police, saying that cryptocurrency speculation is legal. The police directly countered, who said cryptocurrency speculation is legal? Indeed, the current policy still has a crackdown attitude towards cryptocurrency speculation. If the bank knows you are speculating, they are likely to ask you to close your account. However, there is currently no law stating that cryptocurrency speculation is illegal!
2. If I make money from cryptocurrency speculation, will I be charged with having an unknown source of income?
No! As long as the money you make from cryptocurrency speculation is legitimate, you don't have to worry about that. Our country’s laws have not stated that cryptocurrency speculation is illegal. The documents issued in the past only said that cryptocurrency speculation is risky and you need to bear the responsibility yourself. Don't get carried away if you make money, and don't blame the government for a lack of regulation if you lose. Remember, those news stories about 'being caught for cryptocurrency speculation' are all because of recklessly selling coins (like USDT) and receiving dirty money!
3. Why does the country want to crack down on cryptocurrency speculation?
Isn't it because it's hard to regulate! Cryptocurrency speculation is too covert, making it difficult to track, and it easily facilitates black and gray industries. In the past, scammers used bank cards to cheat money, now they use USDT, cross-border transactions, and it can be difficult for the police to track.
4. If I receive dirty money from selling USDT, do I have to refund it?
It's very likely you will have to refund. Because receiving dirty money from cryptocurrency transactions may involve criminal activities, and you need to return the money. You can speculate, but if you receive dirty money when cashing out, you become a suspect. Currently, accounts frozen from selling coins generally have to refund to be unfrozen.
5. Is selling USDT at a high price considered illegal operation?
No! Illegal operation mainly targets exchange traders; individual traders selling their own USDT is fine. But if you sell at a high price, the money you receive is likely to be dirty money, and you should consider why someone would buy your coins at a high price.
6. If my card has been frozen multiple times, does that count as knowingly committing an offense?
Yes! If multiple cards under your name have been frozen multiple times, the police will believe you are fully aware of it.
7. Is it illegal to sell USDT on exchanges?
It's not illegal! But it's easy to receive dirty money and get frozen. There are two types of exchange traders: one specializes in money laundering, and the other legitimately profits from price differences. If you encounter the former, your account will definitely be frozen; if you encounter the latter, you might get lucky and have no issues, but if you're unlucky, you may still be implicated by secondary dirty money.
8. Is it illegal for exchange traders to deal in cryptocurrencies?
It's illegal! But there is a lot of room for maneuver. In some places, the police are not familiar with this industry; as long as the traders provide materials to prove they are trading cryptocurrencies and have not rented out bank cards, and are willing to refund, they may be allowed to unfreeze their accounts. However, some traders may be charged with illegal operation or illegal currency exchange due to multiple freezes or involvement in major cases.
9. Is it illegal to sell USDT at a high price off-exchange?
Not illegal if you haven't received dirty money, but if you have, it is illegal! You may also face imprisonment. When selling USDT at high prices, communicate using encrypted chat software, and the police may presume you are knowingly committing an offense. You cannot escape refunding, and you’ll have to stay inside for 37 days, eating steamed buns, boiled vegetables, and taking cold showers.
10. Why doesn't China establish compliant cryptocurrency exchanges?
Actually, they have already established one in Hong Kong. For example, the Ouyi exchange is ours. Other exchanges will also cooperate with the police in investigations. Cryptocurrency is not a lawless zone; as long as you are involved in a case, the police can find you. Don't use virtual currency for illegal activities!
11. Will the bank investigate if I deposit several million in cash?
Yes, they will investigate! Now the handling of funds is digitized. Unless it’s official payments like demolition funds or lottery winnings, if you deposit a large amount of cash, the bank will definitely ask for the source or require tax proof. If there wasn’t much money in your account before and suddenly you deposit several million, the bank will investigate even more strictly. You will need to fill out a form explaining the source, and the bank will report this transaction to the anti-money laundering system, connecting with the Ministry of Public Security and other departments.
12. Will the bank investigate if I deposit a million?
It depends! If a high-risk account transfers money to you, and there are fraudulent, money laundering, or other illegal activities involved, the bank will definitely monitor your account. You need to explain clearly where the money comes from; otherwise, you will have to deal with the anti-fraud center. If your account behavior is abnormal, such as dispersing the money shortly after receiving it or if the money comes from different people before being concentrated into your account, it will trigger risk control. However, if legitimate funds from a legitimate businessman are transferred to you, the bank will not investigate.
Finally, if we get over 100 likes, I will give everyone a strategy.
Wish everyone a prosperous bull market this time!
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