According to the "Notice on Further Preventing and Dealing with Speculation Risks in Virtual Currency Transactions" jointly issued by the People's Bank of China and other ten ministries and commissions (hereinafter referred to as the "Notice of the Ten Ministries and Commissions")
Virtual currencies are not legal and should not and cannot be circulated in the market as currency. Business activities related to virtual currency, especially the exchange business between legal currency and virtual currency, are classified as illegal financial activities and are resolutely banned.
