Bitcoin trading in China

It is illegal to buy and sell Bitcoin in China, and illegal activities may face administrative penalties, criminal penalties and civil liability.

The legality of buying and selling Bitcoin in China

Is it legal?

No, buying and selling Bitcoin is illegal in China.

Detailed explanation:

In September 2017, seven ministries and commissions including the People's Bank of China jointly issued the "Announcement on Preventing Token Issuance Financing Risks", which explicitly prohibited the development of token issuance. Coin issuance financing (ICO), and requires financial institutions not to provide services for token issuance financing and virtual currency transactions.

Subsequently, the People's Bank of China and the Ministry of Public Security issued notices prohibiting commercial banks and payment institutions from providing services for virtual currency transactions and requiring the closure of trading platforms.

Therefore, buying and selling Bitcoin in China is illegal and may face the following consequences:

• Administrative penalties: confiscation of illegal gains, fines
• Criminal penalties: Violation of criminal law Those who may be held criminally liable
• Civil liability: The transaction is invalid and those who cause economic losses must bear liability for compensation

Suggestion:

For To avoid legal risks, it is recommended not to buy or sell Bitcoin in China.

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