Is Ethereum illegal?

Legal Analysis: Illegal. the State Council Financial Stability and Development Committee mentioned that it should resolutely prevent and control financial risks and severely crack down on bitcoin mining and trading.

Legal basis: Announcement of China Internet Finance Association, China Banking Association and China Payment and Clearing Association on Preventing Speculation Risks in Virtual Currency Trading.

First of all, correctly understand the essential attributes of virtual currency and related business activities.

Virtual currency is a specific virtual commodity, which is not issued by the monetary authorities, has no monetary attributes such as legal compensation and coercion, is not a real currency, and should not and cannot be used as currency in the market.

Carry out legal tender and virtual currency exchange and virtual currency exchange business, buy and sell virtual currency as a central counterparty, provide information intermediary and pricing services for virtual currency transactions, token issuance financing and virtual currency derivatives transactions, and violate relevant laws and regulations, suspected of illegal fund-raising, illegal issuance of securities, illegal sale of token tickets and other criminal activities.

II. Relevant institutions shall not conduct business related to virtual currency.

Financial institutions, payment institutions and other member units shall earnestly enhance their social responsibilities, and shall not use virtual currency to price products and services, underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, or directly or indirectly provide customers with other services related to virtual currency, including but not limited to: providing customers with services related to virtual currency registration, trading, clearing and settlement; Accept virtual currency or use virtual currency as a payment and settlement tool; Carry out exchange services between virtual currency and RMB and foreign currency; Carry out the storage, custody and mortgage business of virtual currency; Issuing financial products related to virtual currency