Yes, buying and selling Bitcoin in the country is illegal and will violate the law.
Yes, buying and selling Bitcoin in the country is illegal and will violate the law.
#In September 2021, the People's Bank of China and ten other departments issued the "Notice on Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Transactions" (hereinafter referred to as the "924 Notice") , clearly stated:
Virtual currency does not have the same legal status as legal tender,
No organization or individual is allowed to issue or sell within China , To purchase virtual currencies,
Overseas virtual currency exchanges are not allowed to provide services to residents in China.
The issuance of the "924 Notice" means that Bitcoin transactions in China are completely prohibited, including:
Trading through centralized exchanges
Trade via decentralized exchange
Via OTC
Via broker Trading
Investors involved in Bitcoin trading may face the following risks:
Legal risks: Investors may face legal penalties, such as Fines, administrative detention, etc.
Transaction risk: Investors may suffer fraud, such as funds being stolen, being unable to cash out, etc.
Price risk: Bitcoin prices fluctuate violently, and investors may suffer significant losses.
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