Is it illegal to mine virtual currency? How serious is it?

Virtual currency mining is not illegal, but it is not protected by law.

China does not support virtual currency mining. As far as the current policy is concerned, it is inevitable that China will ban virtual currency mining. Criminals may use the transaction characteristics of virtual currency as a money laundering tool.

According to relevant laws and regulations, it is strictly forbidden to set up and approve all kinds of virtual currency "mining" projects in various regions, and completely shut down all kinds of existing virtual currency "mining" projects.

1. 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.

Second, the harm of "mining"

1. It 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 national carbon dioxide emission peak and carbon neutrality goals.

2. It consumes a lot of computing resources and 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.

3. Disturbing the normal financial order and even social order often becomes a tool for money laundering, illegal transfer of assets and other illegal and criminal activities; 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.

4. 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 the party's discipline and political discipline, and seriously affects the effectiveness of the state's rectification of virtual currency "mining".

legal ground

Law of the People's Republic of China on the Promotion of Circular Economy (revised on 20 18).

Fiftieth production and sale of products and equipment included in the elimination list shall be punished in accordance with the provisions of the People's Republic of China (PRC) Product Quality Law. 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 of not less than 50,000 yuan but not more than 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.

People's Republic of China (PRC) Energy Conservation Law

Article 71: Those who use energy-using equipment or production technology explicitly eliminated by the state shall be ordered by the competent department of energy conservation to stop using it, and the energy-using equipment explicitly eliminated by the state shall be confiscated; If the circumstances are serious, the competent department of energy conservation may put forward opinions and report them to the people's government at the corresponding level for ordering to suspend business for rectification or closure according to the authority prescribed by the State Council.