Last year, I had the last meal at my son-in-law's house in Hong Kong, and I chatted with some old friends. He is a true Hong Kong veteran, while I've had a much tougher life than him. While chatting, we talked about the crypto world. He said, 'Why doesn't the mainland support Bitcoin to exchange for RMB? Isn't it still illegal? Will it be stricter in 2025 or lean more towards legality? We have started taxing here...'
I can only smile bitterly, yes, the funds have always been stuck there, and I don't have a legitimate reason to take them out and take a look.
Just like you can spend money to buy QQ coins and hold QQ coins, if you want to sell QQ coins at a premium, it may become somewhat subtle legally.
Regarding the illegality of virtual currencies, how does operating Bitcoin count as illegal? I have summarized a few points:
If you are only purchasing Bitcoin and holding it, it is not illegal.
However, if you want to sell Bitcoin at a premium, it becomes somewhat subtle and falls into a gray area.
If you want to take it a step further and play even bigger, it becomes illegal. Many of these illegal activities can have serious consequences and may lead to imprisonment.
For example, using Bitcoin or other virtual currencies for domestic and foreign fund matching may constitute illegal business operations;
If you are raising legal currency by issuing Bitcoin or other virtual currencies, it may constitute illegal fundraising.
In China, simply purchasing Bitcoin is not considered illegal. However, the following actions are illegal:
1. Using Bitcoin as a medium of exchange instead of RMB.
2. Using Bitcoin or other virtual currencies for domestic and foreign fund matching.
3. Raising legal currency by issuing Bitcoin or other virtual currencies.
4. Conducting exchange services between Bitcoin or other virtual currencies and RMB.
5. Conducting exchange services between virtual currencies. 6. Providing information intermediary and pricing services for virtual currency transactions.
7. Acting as a dealer, buying and selling virtual currencies.
These actions constitute a crime, and if caught, one must go to jail. The attitude of the United States towards Bitcoin and other virtual currencies was initially somewhat chaotic.
The U.S. Treasury considers virtual currencies to be currency, and virtual currency exchanges must apply for an MSB (Money Service Business) license. The SEC believes that virtual currencies are securities and should be regulated by the SEC. The CFTC considers virtual currencies to be commodities.
The IRS in the United States considers virtual currency to be property and taxes transactions between them. Overall, various departments, driven by their own interests, want to bring virtual currencies under their regulatory scope.
The situation of multiple regulatory bodies has led to restricted development of virtual currencies.
Comrades are hopeful to open a green channel for national construction.
Since Trump took office, he is ready to break through these regulatory deadlocks and open the green door for the development of virtual currencies.
Under such strict central regulation, we certainly will not touch the legal bottom line. Students who need to withdraw large amounts can refer to my earlier 'effective and safe methods for civil servants to withdraw funds.'