Let’s first talk about the conclusion. In 2024, the question of whether it is illegal to buy and sell virtual currency in China is basically the same as the domestic laws and regulations in the past few years.
That's because, in 2024, there has been no news about any draft amendments to laws, administrative regulations, and judicial interpretations regarding land rights issues. Basically, new laws, administrative regulations, and judicial interpretations have been issued.
So from the seminars in various places to the draft for soliciting opinions, to the draft, to the formal release, and then to the time it takes for it to officially take effect, so it will take at least one or two years.
So I said that there is no problem in buying and selling virtual currency in 2024. Some people may ask, will there be a sudden People’s Bank of China in 2024, and will it unite with several other departments to come up with another 94 or 924?
Well, this is possible, but there is a prerequisite here, and the prerequisite is that 2024 will be a big bull market. If you don’t believe it, look at the notice on preventing Bitcoin risks in 2013, September 4, 2017, and September 24, 2021, all of which were Christmas bull markets, so this is not surprising at all.
The bull market is coming, and more people are speculating in cryptocurrencies, so the risk of speculation is greater, so the regulatory authorities will naturally be in short supply. But do you think there will be a bull market in 2024?
Even if 2024 is really a bull market, and the People's Bank of China has really issued a document, and this document is even more stringent than the previous 94924, it directly stipulates that virtual currency transactions are prohibited. So in this context, is buying and selling virtual currency really illegal?
Not necessarily. Why? Because the documents issued by the People's Bank of China are not effective enough. They cannot reach the level of laws, administrative regulations, and judicial interpretations. Only laws, administrative regulations, and judicial interpretations can directly regulate your personal freedom and property.
So, is it illegal to buy and sell virtual currencies in China in 2024? From the perspective of civil law, that is, the civil disputes in the cryptocurrency circle, it is generally recognized that the investment contract is invalid, but invalidity does not mean that the plaintiff will lose the lawsuit. You must know that even if the contract is invalid, the currency must be returned, otherwise, it is a disguised form of protecting the deadbeat.
So from the perspective of criminal offenses, unless the circumstances are extreme and the legal person insists on interpreting virtual currency as foreign exchange, then buying and selling virtual currency is considered buying and selling virtual goods. So what criminal issues can there be with buying and selling goods?
So, it does not constitute a criminal offense or administrative violation. Then someone asked, what if the transaction involves stolen money or stolen currency? Isn't there a crime of blocking and concealing?
However, these two crimes require that objectively you have indeed received the stolen money or stolen currency from the source at a very close level, and subjectively you knew about or should have known about the stolen money or stolen currency.
Here, the subjective judgment of whether or not a small individual who plays B is aware of the situation is different from that of an experienced person in the B circle OTC. So, to sum up, in principle, if you buy and sell credit currency in China in 2024, your contract will be invalid in terms of illegality.
In terms of criminal offenses and administrative violations, there is no problem with this transaction by a small individual. However, if the old B-circle OTC traders receive stolen money or the local background, if they neglect the review, or even use high-risk OTC transactions, they are most likely to help and conceal crimes.
That’s all for this issue. If this issue is helpful to you, please support it! I’m Ray. See you next time!
