Is virtual currency mining illegal? How serious is it?

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

At present, our country has not officially promulgated relevant laws, so virtual currency mining is not illegal. Our country does not support virtual currency mining. Judging from current policies, it is inevitable that my country will ban virtual currency mining. Criminals may take advantage of the transaction characteristics of virtual currencies and use them as money laundering tools.

According to relevant laws and regulations, all regions are strictly prohibited from establishing and approving various virtual currency "mining" projects, and all existing virtual currency "mining" projects are completely shut down.

Resolutely investigate, punish and correct project entities that initiate projects in the name of big data, supercomputing centers, etc. but engage in virtual currency “mining”. It is prohibited to provide venues and electricity support for virtual currency “mining” activities.

Inspections and spot checks will be carried out on the clean-up and rectification situation in the future, so please prepare relevant materials.

According to notices and announcements issued by the People's Bank of China and other departments, virtual currencies are not issued by monetary authorities, do not have legal and compulsory monetary attributes, are not currencies in the true sense, and do not have the same characteristics as currencies. Equivalent legal status, it cannot and should not be used as currency for circulation in the market, and citizens’ investment and trading in virtual currencies are not protected by law.

Article 3 of the "Anti-Money Laundering Law of the People's Republic of China" Financial institutions and specific non-financial institutions that are required to perform anti-money laundering obligations in accordance with regulations shall take prevention and monitoring measures in accordance with the law and establish and improve internal anti-money laundering Control system and perform anti-money laundering obligations such as customer due diligence, retention of customer identity information and transaction records, reporting of large transactions and suspicious transactions, and special anti-money laundering preventive measures.

Article 4 Units and individuals shall cooperate in accordance with the law with customer due diligence investigations carried out by financial institutions and specific non-financial institutions to fulfill anti-money laundering obligations, and cooperate with anti-money laundering investigations; perform declarations of huge cash receipts and payments, and special anti-money laundering regulations in accordance with the law. Obligations such as preventive measures; shall not facilitate illegal and criminal activities such as money laundering.

Article 6: Units and individuals shall keep confidential customer identity information, transaction information and anti-money laundering investigation information obtained by performing anti-money laundering obligations in accordance with the law; they shall not provide it to any unit or individual except in accordance with legal provisions.

Relevant state agencies, departments, and institutions must protect state secrets, business secrets, and personal privacy in accordance with the law when using anti-money laundering information.