China’s Supreme Court added more legal points against cryptocurrency in its law. This is the first time ever china revised its law for illegal fundraising to add digital currency transactions.
On Thursday China took another strict stance on its policy for cryptocurrencies. By upgrading its judicial interpretation for unlawful fundraising. In which cryptocurrency transactions were added.
“Decision on Amending the Interpretation of the Supreme People’s Court on Several Issues concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fund Raising”.
As per china’s native news reporting platform. This new revised and upgraded judicial interpretation also improved on conviction and punishments for the crimes involved in illicit fundraising.
Meanwhile, retaining four of the characteristics of the law, illegally absorbing public deposits unchanged, namely illegality, openness, inducement, and sociality.
It further added to the crime. Online lending, cryptocurrencies transactions, financial leasing, and many other ways of unlawfully obtaining funds.
So China’s new revised judicial interpretation has made it clear. That if anyone would try to do illegal fundraising from the public using the name of digital currencies would consider as a criminal.
And experience punishment from Chinese authorities. This law will come into action after March.1 2022, as per reports.
But, this is not the first time china applied banned on crypto transactions. Earlier china took many actions against crypto activities.
Conclusions:
This new revised judicial interpretation from china’s supreme court has been made clear. That crypto transaction will be counted as an illegal activity in China. And this new upgraded version of the illegal fundraising law will be considered legally after March 1. 2022. Also, China has stopped foreign digital exchanges from offering any of its facilities in China.
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