Years of Chinese crackdown on cryptocurrency has risen to another level thanks to a new Supreme Court ruling that paves the way for fines and potentially long prison sentences for citizens found guilty of raising money through cryptocurrencies. Details of the development cryptocoin.com compiled for our readers.
China is drafting legislation to jail those who raise funds through cryptocurrencies
As part of its crypto bans, China imposes jail terms on anyone found guilty of generating cash through token sales. China’s highest court has changed its interpretation of the country’s Criminal Code to make it illegal to solicit money from the public using “cryptocurrency,” according to a statement released today. According to local media, the change will take effect on 1 March. While crypto-based fundraising has been banned in China since 2017, the latest change means Chinese courts can now formally punish perpetrators. Depending on the amount collected, prison sentences will range from less than three years to more than 10 years.
If the amount of the cryptocurrency scam exceeds 100,000 yuan ($16,000), it will be considered a “large amount”. If the amount is more than 500,000 yuan ($79,000), it will be classified as “enormous” under section 192 of the Penal Code.
China is the most active country in the effort to destroy cryptocurrencies
The Chinese central bank declared all cryptocurrencies illegal in September. Cryptocurrency-related economic transactions, including trading and mining, were also considered illegal. The US has taken advantage of China’s crypto pressure, allowing it to surpass China as the top market for Bitcoin mining. According to the Cambridge Bitcoin Electricity Consumption Index, the US currently accounts for over 35% of the Bitcoin hash rate, or computational power.
Russian Bitcoin miners are working
According to current market reports, sanctions to be implemented in response to Russia’s invasion of Ukraine may help Bitcoin users. Despite the government’s invasion of Ukraine this week, Bitcoin (BTC) miners in Russia are operating normally. As a result, some crypto mining companies such as Ethereum-focused Flexpool have ceased operations in Russia due to the occupation, while BTC mining service provider Compass Mining has confirmed that it will continue to provide infrastructure to its Russian customers.
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