{"id":16465,"date":"2022-02-25T01:56:08","date_gmt":"2022-02-25T01:56:08","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/25\/china-makes-using-cryptocurrency-a-crime-the-register\/"},"modified":"2022-02-25T01:56:08","modified_gmt":"2022-02-25T01:56:08","slug":"china-makes-using-cryptocurrency-a-crime-the-register","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/25\/china-makes-using-cryptocurrency-a-crime-the-register\/","title":{"rendered":"China makes using cryptocurrency a crime \u2022 The Register"},"content":{"rendered":"<p> <a href=\"https:\/\/go.fiverr.com\/visit\/?bta=1052423&nci=17043\" Target=\"_Top\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/fiverr.ck-cdn.com\/tn\/serve\/?cid=40081059\"  width=\"601\" height=\"201\"><\/a>\n<\/p>\n<div id=\"body\">\n<p>China has again cracked down on cryptocurrencies \u2013 this time with a Supreme People&#8217;s Court ruling that paves the way for criminal prosecution of those who conduct cryptocurrency transactions.<\/p>\n<p>The Thursday <a target=\"_blank\" href=\"https:\/\/www.court.gov.cn\/fabu-xiangqing-346901.html\" rel=\"noopener\">ruling<\/a> by the court centers on &#8220;illegal fund raising.&#8221; In China that term refers to raising money by non-conventional means \u2013 such as peer-to-peer lending, crowdfunding, or otherwise working on the fringes of the mainstream financial system.<\/p>\n<p>The new ruling expands the definition of illegal fundraising to include transactions in virtual currencies, meaning crypto-coin miners, traders, and speculators now face lengthy jail terms and substantial fines. It follows a warning issued last week that the metaverse \u2013 whatever it is \u2013 must not become a source of illegal fundraising.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"condor\" data-xsm=\",fluid,mpu,\" data-sm=\",fluid,mpu,\" data-md=\",fluid,mpu,\">\n        <noscript><br \/>\n            <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_onprem\/personaltech&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2Yhg3OGiPRXKvaPWjJFdxcQAAAMc&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" target=\"_blank\" rel=\"noopener\"><br \/>\n                <img decoding=\"async\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_onprem\/personaltech&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=2&amp;c=2Yhg3OGiPRXKvaPWjJFdxcQAAAMc&amp;t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0\" alt=\"\"\/><\/a><br \/>\n        <\/noscript>\n    <\/div>\n<p>The effect of the ruling is to give Beijing an extra tool with which to enforce its bans on cryptocurrency which, as <i>The Register<\/i> has reported, were issued in <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2021\/09\/24\/china_cryptocurrency_ban\/\" rel=\"noopener\">September 2021<\/a>, <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2021\/06\/22\/as_china_shutters_cryptomining_plants\/\" rel=\"noopener\">June 2021<\/a>, <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2021\/05\/19\/china_cryptocurrency_crackdown\/\" rel=\"noopener\">May 2021<\/a>, <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2018\/02\/05\/china_crypto_currency_crackdown\/\" rel=\"noopener\">February 2018<\/a>, <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2017\/09\/05\/china_bans_cryptocurrency_ico_raisings\/\" rel=\"noopener\">September 2017<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2013\/12\/05\/chinese_banks_banned_from_using_bitcoin\/\" rel=\"noopener\">December 2013<\/a>, at least.<\/p>\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"top\" data-raptor=\"falcon\" data-xmd=\",fluid,mpu,leaderboard,\" data-lg=\",fluid,mpu,leaderboard,\" data-xlg=\",fluid,billboard,superleaderboard,mpu,leaderboard,\" data-xxlg=\",fluid,billboard,superleaderboard,brandwidth,brandimpact,leaderboard,mpu,\">\n            <noscript><br \/>\n                <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_onprem\/personaltech&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44Yhg3OGiPRXKvaPWjJFdxcQAAAMc&amp;t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" target=\"_blank\" rel=\"noopener\"><br \/>\n                    <img decoding=\"async\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_onprem\/personaltech&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=4&amp;c=44Yhg3OGiPRXKvaPWjJFdxcQAAAMc&amp;t=ct%3Dns%26unitnum%3D426raptor%3Dfalcon%26pos%3Dmid%26test%3D0\" alt=\"\"\/><\/a><br \/>\n            <\/noscript>\n        <\/div>\n<div class=\"adun_eagle_desktop_story_wrapper\">\n<div aria-hidden=\"true\" class=\"adun\" data-pos=\"mid\" data-raptor=\"eagle\" data-xxlg=\",mpu,dmpu,\">\n                <noscript><br \/>\n                    <a href=\"https:\/\/pubads.g.doubleclick.net\/gampad\/jump?co=1&amp;iu=\/6978\/reg_onprem\/personaltech&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=3&amp;c=33Yhg3OGiPRXKvaPWjJFdxcQAAAMc&amp;t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0\" target=\"_blank\" rel=\"noopener\"><br \/>\n                        <img decoding=\"async\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/pubads.g.doubleclick.net\/gampad\/ad?co=1&amp;iu=\/6978\/reg_onprem\/personaltech&amp;sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&amp;tile=3&amp;c=33Yhg3OGiPRXKvaPWjJFdxcQAAAMc&amp;t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0\" alt=\"\"\/><\/a><br \/>\n                <\/noscript>\n            <\/div>\n<\/p><\/div>\n<p>Beijing&#8217;s hostility to crypto-money and decentralized financial services is founded in the bedrock principle of Chinese politics: the Chinese Communist Party does not share power. Anything and anyone that challenges central control is brought to heel so it can be closely supervised.<\/p>\n<p>Which is why Beijing <a target=\"_blank\" href=\"https:\/\/www.theregister.com\/2020\/11\/04\/china_ant_ipo\/\" rel=\"noopener\">nixed<\/a> the IPO of Alibaba&#8217;s financial services business, Ant Group: its peer-to-peer lending offerings were seen as too difficult to control for Beijing&#8217;s liking. Alibaba founder Jack Ma criticized the cancellation of the listing and disappeared from public view, ceasing his usual round of speeches and promotion of internet culture and entrepreneurialism. Doing so meant a potential rival for the Party \u2013 even if only as a source of inspiration \u2013 was effectively deplatformed.<\/p>\n<p>Beijing was so concerned about Ant Group that in recent weeks it required other big tech companies to reveal any entanglements they have with the financial services firm. News of that probe has seen the share prices of China&#8217;s tent-pole tech companies take nasty tumbles in the last week. China&#8217;s leaders know that will mean some investor pain, but they&#8217;re willing to wear it for the greater good.<\/p>\n<p>Yesterday&#8217;s crypto-related ruling therefore shows, once again, that China is a land in which decentralized finance \u2013 often styled as DeFi in the West \u2013 is seen as defiance that won&#8217;t be tolerated. \u00ae<\/p>\n<\/p><\/div>\n<iframe data-lazy=\"true\" data-src=\"https:\/\/www.fiverr.com\/gig_widgets?id=U2FsdGVkX18x7XQvttUTrv1oEqmGNGTgvvCUiUoJ\/AP4z\/UyMz8lXGOLpu15jIMxBbTR0gmD5uBoFvhC4KWeALQRp3h\/X\/AwcVD0K8Wj9H\/ZzYKzcCNHosB9oS4SCJJFWiN85P9ICAc4OgCoE\/wHKIY7CDkf2\/DQ1vqGvk4smVe5cRDEmrLPCWi4FC8p40VUhSmWQ5udCm0zoJtorgWv3vbDQw0kKYkwn39ozAnQXDe+YvWMxkLFWA+O3TFwkJvdkIK+\/AUSnRssPKt5WHY0FhNOxnSPcLslEL4G4\/RfP95ve99U+kRnDy3X+KtzdQLY+u935ghON\/o3UE4IMv9oN6JX9RnxzL\/LRcOgnHigxStSGPKsZYtnz8RWNVT\/rOLAibqiWJadC5MYHRbekF3eg6FOGrQGkXYbsn0+a5aovnlLCbLwIqY9fcS17UX8J235iQ6cdmHNbrPeS84CMm34RA==&affiliate_id=1052423&strip_google_tagmanager=true\" loading=\"lazy\" data-with-title=\"true\" class=\"fiverr_nga_frame\" frameborder=\"0\" height=\"350\" width=\"100%\" referrerpolicy=\"no-referrer-when-downgrade\" data-mode=\"random_gigs\" onload=\" var frame = this; var script = document.createElement('script'); script.addEventListener('load', function() { window.FW_SDK.register(frame); }); script.setAttribute('src', 'https:\/\/www.fiverr.com\/gig_widgets\/sdk'); document.body.appendChild(script); \" ><\/iframe>\n<br \/><a href=\"https:\/\/go.theregister.com\/feed\/www.theregister.com\/2022\/02\/25\/china_cryptocurrency_illegal_fundraising_crime\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China has again cracked down on cryptocurrencies \u2013 this time with a Supreme People&#8217;s Court ruling that paves the way for criminal prosecution of those&#8230;<\/p>\n","protected":false},"author":1,"featured_media":16466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-16465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-universe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China makes using cryptocurrency a crime \u2022 The Register - mailinvest.blog<\/title>\n<meta name=\"description\" content=\"Technology is forever changing, and there are always new pieces of technology to replace obsolete ones. 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