Cryptocurrency miningincluding i cryptocurrencies prohibiting all activities related to Chinese government’s strict policy on cryptocurrencies continues.
China Supreme Court, today published the amended version of the “Law on the Trial of Criminal Cases Concerning Illegal Funding”.
Supreme court among illegal methods of collecting money from the public digital assets and cryptocurrencies also added.
The court also added that those who collect donations from the public through cryptocurrencies could face prison sentences.
Although the Chinese government has banned cryptocurrency-based fundraising since 2017, with the new amendment to the law that will come into effect from March 1, 2022, Chinese courts will now be able to impose prison sentences on criminals.
Chinese Courts can impose prison sentences ranging from three to ten years, depending on the amount of donations raised, to people who are formally found guilty.
China Supreme Court cryptocurrencies He defined it as “large amount” if the amount of funds raised through the agency was more than 100,000 yuan ($16,000), and “serious situation” if it was more than 500,000 yuan ($79,000).
The court also stated that if illegally collected funds are returned before a civil lawsuit is filed, they may be exempted from criminal sanction, depending on the circumstances, where there is little or no damage.
China’s Cryptocurrency Ban!
Including cryptocurrency mining, with a decision taken by the Chinese government in September 2021. cryptocurrency It banned all activities related to its units and declared these transactions illegal.
The Chinese government also cryptocurrency exchanges prohibited from providing services.
After this ban by China, cryptocurrency miners went to crypto-friendly countries such as the USA and Russia.
According to the Cambridge Bitcoin Electricity Consumption Index, the USA is now, thanks to miners who went to the USA after China’s bans, Bitcoin hash rate It contributes more than 35%.