Can virtual currency be bought and sold in China?
by law
In China, the legal status of virtual currencies is highly controversial. Since 2017, the Chinese government has introduced a series of measures to crack down on virtual currency transactions and ICO (initial coin offering) activities. In September 2017, the People's Bank of China and seven other ministries and commissions jointly issued the "Notice on Preventing the Risks of Token Issuance and Financing", which clearly stipulates that ICO is an illegal financing activity and requires all institutions involved in ICO to immediately stop all financing activities. Domestic trading platforms in China have also been banned one after another, including well-known platforms such as Huobi and Binance. Despite this, many people still trade virtual currencies in China through overseas platforms, which also brings new challenges to supervision.
Binance exchange app download and registration link:
Binance is the world's top cryptocurrency exchange. Download and register OUYI to receive up to 60,000 yuan in digital currency blind box rewards for free!
Download from Binance Exchange: https://www.binance.com/zh-CN/join?ref=827843361
To download the Apple version of the app, you need to go to Baidu and search for a US ID. Buy one and then you can download and register and fill in the invitation code 827843361
Due to the strict regulatory attitude of the Chinese government towards virtual currencies, there are great legal risks in participating in virtual currency transactions. Once you are found to be engaged in virtual currency transactions, you may face the risk of being investigated, fined or even criminally liable. Due to the anonymity and cross-border nature of virtual currency transactions, once it involves money laundering, illegal capital flows and other issues, it is also easy to attract the attention of regulatory authorities. For ordinary investors, participating in virtual currency transactions requires caution, understanding relevant laws and regulations, and avoiding breaking the law.
Risk prevention
In order to reduce the risk of virtual currency transactions, investors can take some measures. Choose a formal and legal trading platform to trade, and avoid using platforms of unknown origin. Be cautious in choosing investment projects, do not blindly follow the trend, and conduct sufficient research and analysis on the projects. Pay attention to protecting personal information and financial security, do not easily disclose personal accounts and passwords, and avoid becoming a victim of online fraud. Most importantly, invest rationally, do not covet huge profits, formulate investment strategies based on your risk tolerance and investment goals, and avoid blindly following the trend and impulsive transactions.
Although the Chinese government has a strict regulatory attitude towards virtual currencies, there are still many people who trade virtual currencies through overseas platforms. Investors should be cautious when participating in virtual currency transactions, understand relevant laws and regulations, and avoid breaking the law. They should choose formal and legal trading platforms, carefully select investment projects, protect personal information and funds, invest rationally, and avoid blindly following trends and impulsive transactions.
