Is it illegal to mine virtual currency?

First of all, it is illegal to mine virtual currency.

Virtual currency mining is illegal and not protected by law. If individuals operate without a license and mine on a large scale, such mining is a serious illegal act. In China, virtual currency cannot be directly converted into legal tender or directly purchased, but bitcoin can be accepted as a commodity and purchased in RMB.

Second, what is virtual currency?

What is virtual currency "mining"?

Virtual currency exists in the network world in digital form. It is not a real currency, has no monetary attributes such as legal compensation and compulsion, and has no legal status equivalent to currency. It cannot and should not be used as currency in the market, and the behavior of investing and trading virtual currency is not protected by law.

The "mining" activity of virtual currency refers to the process of calculating and producing virtual currency through a special "mining machine" Energy consumption and carbon emissions are relatively large, and their contribution to the national economy is relatively low, and their driving role to industrial development and scientific and technological progress is limited. In addition, the risks derived from the production and trading of virtual currency are becoming more and more prominent, and its blind and disorderly development has a negative impact on promoting high-quality economic and social development and energy conservation and emission reduction.

Third, the harm of "mining"

First of all, "mining" activities will cause a lot of energy consumption and carbon emissions, which runs counter to the new development concept and is not conducive to achieving the peak of national carbon dioxide emissions and carbon neutrality. Second, it consumes a lot of computing resources, which makes the system, software and application services run slowly. Once the personal computer or server is controlled by the "mining" program, it will cause data leakage or virus infection, which will easily lead to network security problems. Third, it disturbs the normal financial order and even social order, and often becomes a tool for illegal and criminal activities such as money laundering and illegal transfer of assets; Some criminal gangs attract investors to buy shares of computing power by selling virtual currency "mining" equipment to the public or renting "mining" computing power, defrauding residents of personal money and affecting social order stability. Fourth, some employees of state-owned units use state resources and public resources to make profits, which is a typical behavior that does not distinguish between public and private, harms public interests and personal interests, seriously violates party discipline and discipline, and seriously affects the effectiveness of the state's rectification of virtual currency "mining" behavior.

Resolutely investigate and correct the project subjects who set up projects in the name of big data and supercomputing centers, but engaged in virtual currency "mining". Stop providing places and power support for the "mining" behavior of virtual currency.

The behavior of illegal "mining";

1. Technical illegal seizure

2. Stealing power resources

3. Causes the crime of illegally absorbing public deposits, the crime of fraud, and the crime of organizing and leading illegal pyramid schemes.

legal ground

Article 28 of the Regulations of People's Republic of China (PRC) Municipality on the Administration of Renminbi. No unit or individual may print or sell token tickets to circulate in the market instead of RMB.

Article 3 of the Anti-Money Laundering Law of People's Republic of China (PRC), financial institutions established in People's Republic of China (PRC) and specific non-financial institutions that should fulfill their anti-money laundering obligations according to law should take preventive and monitoring measures according to law, establish and improve the customer identification system, the customer identity data and transaction record keeping system, and the reporting system for large transactions and suspicious transactions to fulfill their anti-money laundering obligations.

Article 9 of the Civil Code of People's Republic of China (PRC) stipulates that civil activities of civil subjects should be conducive to saving resources and protecting the ecological environment.

Article 50 of the Circular Economy Promotion Law of the People's Republic of China (revised on 20 18) shall be punished in accordance with the provisions of the Product Quality Law of People's Republic of China (PRC).

Where technologies, processes, equipment and materials listed in the elimination list are used, the comprehensive management department of circular economy development of the local people's government at or above the county level shall order them to stop using them, confiscate the illegally used equipment and materials, and impose a fine ranging from 50,000 yuan to 200,000 yuan; If the circumstances are serious, the comprehensive management department of circular economy development of the people's government at or above the county level shall put forward opinions and report to the people's government at the same level for ordering to suspend business or close down according to the authority prescribed by the State Council.

Whoever, in violation of the provisions of this law, imports equipment, materials or products listed in the elimination list shall be ordered by the customs to return the goods and may be fined not less than 100,000 yuan but not more than 1 million yuan. If the importer is unknown, the carrier shall bear the responsibility for returning the goods or bear the relevant disposal expenses.