Is PI currency legal in China?

There is no provision for this in our country's laws, but in reality many people are speculating that it is just a virtual currency on the Internet. At present, only a few countries in the world recognize that it is not legal tender recognized by our laws.

Legal basis: (China People's Bank, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission [2065438+03] No.289) Notice on Preventing Bitcoin Risks 1. Correctly understand the attributes of Bitcoin. Bitcoin has four main characteristics: no centralized issuer, limited total amount, unlimited use and anonymity. Although bitcoin is called "currency", it is not a real currency because it is not issued by the monetary authorities and has no monetary attributes such as legal compensation and coercion. In nature, bitcoin should be a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market. Two. Financial institutions and payment institutions are not allowed to conduct business related to Bitcoin. At this stage, financial institutions and payment institutions are not allowed to price products or services with Bitcoin, buy or sell Bitcoin as a central counterparty, underwrite insurance business related to Bitcoin or include Bitcoin in the scope of insurance liability, or directly or indirectly provide customers with other services related to Bitcoin, including: providing customers with services such as Bitcoin registration, trading, clearing and settlement; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin exchange services between RMB and foreign currency; Conduct bitcoin storage, custody, mortgage and other businesses; Issuing financial products related to Bitcoin; Take Bitcoin as the investment target of trusts, funds and other investments. Third, strengthen the management of Bitcoin Internet sites. According to the Regulations of People's Republic of China (PRC) Telecom and the Measures for the Administration of Internet Information Services, Internet websites that provide services such as bitcoin registration and trading shall be filed with the telecommunications regulatory authorities. According to the identification and punishment opinions of the relevant administrative departments, the telecommunications regulatory agencies shut down illegal bitcoin internet sites according to law. Fourth, guard against money laundering risks that may arise from Bitcoin. Branches of the People's Bank of China should pay close attention to the trends and trends of similar virtual goods such as Bitcoin, which are anonymous and convenient for cross-border circulation, carefully judge the risk of money laundering, and study and formulate targeted preventive measures. All branches shall bring the legally established institutions providing bitcoin registration and trading services under their jurisdiction into anti-money laundering supervision, and urge them to strengthen anti-money laundering monitoring. Internet sites that provide services such as bitcoin registration and trading should earnestly fulfill their anti-money laundering obligations, identify users' identities, and require users to register their real names and register their names, ID numbers and other information. All financial institutions, payment institutions and Internet websites providing services such as bitcoin registration and trading should immediately report suspicious transactions related to virtual commodities such as bitcoin to China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the anti-money laundering investigation activities of the People's Bank of China; Anyone who finds clues about using Bitcoin to commit fraud, gambling, money laundering and other criminal activities should report the case to the public security organ in time. Five, strengthen the education of public financial management knowledge and investment risk tips. All departments, financial institutions and payment institutions should correctly use the concept of money in their daily work, pay attention to strengthening the public's money knowledge education, and incorporate the concepts of correctly understanding money, correctly treating virtual goods and virtual money, rationally investing, reasonably controlling investment risks, and safeguarding their own property safety into financial knowledge popularization activities, so as to guide the public to establish a correct concept of money and investment. All financial regulatory agencies may formulate relevant implementation rules according to this notice.