Is virtual currency mining illegal? How serious is it?

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

At present, China has not officially promulgated relevant laws, so virtual currency mining is not illegal, and China does not support virtual currency mining. Judging from the current policy, 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.

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.

In the later stage, the clean-up and rectification will be inspected and spot-checked. Please prepare relevant materials.

According to the notices and announcements issued by the People's Bank of China and other departments, virtual currency is not issued by the monetary authorities, has no monetary attributes such as legal compensation and coercion, is not a real currency, has no legal status equivalent to currency, and cannot and should not be used as currency in the market. Citizens' investment and transactions in virtual currency are not protected by law.

Article 3 of the Anti-Money Laundering Law of People's Republic of China (PRC) stipulates that financial institutions and specific non-financial institutions that are required to perform anti-money laundering obligations shall take preventive and monitoring measures in accordance with the law, establish and improve the internal control system for anti-money laundering, and perform anti-money laundering obligations such as customer due diligence, customer identity data and transaction records preservation, large-value transaction and suspicious transaction reports, and special anti-money laundering preventive measures.

Article 4 Units and individuals shall cooperate with the customer due diligence conducted by financial institutions and specific non-financial institutions, fulfill their anti-money laundering obligations according to law, and cooperate with the anti-money laundering investigation; Performing obligations such as declaration of huge cash receipts and payments and special anti-money laundering measures according to law; Do not provide convenience for illegal and criminal activities such as money laundering.

Article 6 Units and individuals shall keep confidential the customer identity information, transaction information and anti-money laundering investigation information obtained by performing anti-money laundering obligations according to law; Except as provided by law, it shall not be provided to any unit or individual.

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