The ruling paves the way for violators to be criminally prosecuted, with a punishment of up to 10 years in prison and fines of up to $79,000.
China’s Supreme Court ruled Thursday that virtual asset transactions constitute “illegal fundraising,” paving the way for judicial prosecution of the crypto industry.
While the People’s Bank of China and a host of other top-level agencies had declared that crypto transactions are illegal fundraising back in September 2021, the court ruling formally designates them as a crime and determines related punishments.
Thursday’s ruling said that suspects will be prosecuted under Article 176 of China’s criminal law, which stipulates prison sentences between three and 10 years and fines between RMB 50,000 (US$7,900) and RMB 500,000 ($79,000) for crimes involving large sums of money. Less serious crimes will be prosecuted with under three years of prison and RMB 20,000 ($3,160) to RMB 200,000 ($31,600) in fines, according to the criminal law.
The amendment comes into effect on March 1.
Chinese provincial authorities continue to crack down on the industry. The eastern province of Zhejiang announced increased electricity tariffs on Wednesday for crypto mining, joining Hainan and Inner Mongolia.
Source [CoinDesk](
I declare china illegal
How many time can China ban bitcoin? We dont care.
China FUD felt left out with Russia getting all the attention.
Woo, the first China crypto ban of the year.
Here’s to many more 🍻
If China can’t completely control Bitcoin it’ll just ban it. They are scared shitless and Winnie the Pooh just can’t stand not being in control.
Again? Cool, so we can expect this on a monthly basis or what
Again? This must be like the 15 time. Anybody still counting?
If China is against it we should be strongly for it
Fuck China. Bitcoin stands for everything China is against so fuck that centralized garbage government. #FREEDOM!
China’s Supreme Court just declared Bitcoin illegal for the zillionth time.
Assuming they can’t pay the fine in Bitcoin?
As long as they stay out of Taiwan, because I’m thinking now’s a good time for them to do a Putin.
HOLY SHIT I MUST SELL EVERYTHING NOW
Hey China, we know already. You don’t like crypto.
Breaking: Crypto is baning China!
China stuck on repeat again
What else is new? It’s like a monthly news release these days.
Hey, I’ve seen this movie!
Wow China had not ban BTC for (checks calendar…) a couple of months!
So what you’re telling me is… my portfolio is gonna drop another 15%.
Look at the timing !!
Hopefully this paves the way for the legalization of Winnie the Pooh.
They also back Russia in the coming war, so whatever, enjoy your shitty Yuan and shitty Rouble.
Nothing new, and it will not be last time they ban BTC
Oh no……any way.
Fundamentally, is it because as a communist government, they simply can’t tolerate the decentralised nature of crypto?
China buying cheap.
Ofc buy the rumours sell the news
China felt the attention going away from them so they had to do this…
China must ve a very sick and dumb Government, to be coming out to ban same thing every year
Preemptive condolences to all the future boating accident victims in China who just barely walked away with their lives.
35th time this year. Impressive 🥳
BTC TO $79,000 IMMEDIATELY
They should have made the fine $69,420.
China keeps forgetting to declare it legal before declaring it illegal again.