Although there is no law in China that explicitly stipulates that cryptocurrency speculation is illegal, the country prohibits cryptocurrency speculation and cuts off the channels for deposits and withdrawals. Coin speculation is purely a personal investment behavior and will not be supported by the law. All risks and benefits must be borne by oneself.
For example, when investing in Sun Ge projects, some people are peaceful when they make money, but curse when they lose money. This is similar to home buyers smashing sales offices when house prices fall. The country has repeatedly banned cryptocurrency speculation. It doesn't make sense to ask the country for help to get the money back after losing money, and there is no legal support for cryptocurrency speculation losses in China. We should protect our wallets.
Some people think that the cryptocurrency circle is a big scam. However, if it is really a scam, why can it exist for so long? Moreover, countries such as the United States, Russia, and South Korea strongly support the development of virtual currencies. This shows that the cryptocurrency circle has its value, and we should see its harm and advancement. For example, the innovation and progress of blockchain technology is in the cryptocurrency circle. The essence of blockchain is decentralization, which requires more nodes to participate, and node participation requires incentives, namely coins, and coins can be exchanged for cash, so that the blockchain project ecosystem can prosper, innovate and decentralize.
Regarding the buying and selling of Bitcoin by individuals, on September 24, 2021, the National Development and Reform Commission and 11 other departments jointly issued the "Notice on the Rectification of Virtual Currency "Mining" Activities" and the People's Bank of China and 10 other departments issued the "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation". These two notices indicate that the buying and selling of digital currencies are not protected by law, and profits and losses are at your own risk. Under normal circumstances, it is not illegal for individuals to buy and sell USDT, but it is illegal if you use a bank card when selling and receive black money. The illegal link lies in whether the bank card receipt is clean. If you are innocent, you can find a lawyer to prove your innocence. Generally, you will not be imprisoned for life, but you will only suffer certain economic losses.
