I just sold U, why was I "hammered"?
Before discussing the reasons, we need to clarify an important premise: Is it illegal to hold cryptocurrency in my country?
The answer is: it is not illegal.
At present, my country has not issued any laws, State Council administrative regulations or administrative orders related to cryptocurrency. Although there are documents named 9.4 Announcement, 9.24 Notice, etc., these documents are departmental normative legal documents and do not constitute "pre-laws" in the sense of criminal law. These documents are mainly aimed at illegal token issuance and financing, and do not explicitly prohibit individuals from holding or trading cryptocurrencies (for example, the 9.4 Announcement prohibits illegal token issuance and financing, not personal trading of cryptocurrencies). Therefore, it is not necessarily illegal for an individual to simply sell USDT purchased with RMB.
In summary, simply holding cryptocurrency is not illegal, and naturally does not constitute a crime.
