Is virtual currency trading illegal?

On October 19, it was made illegal for individuals in China to engage in the buying and selling of Bitcoin. This ban was imposed despite the Civil Code of the People's Republic of China stating that civil legal acts are considered valid when the necessary conditions are fulfilled.

BTCC, a prominent cryptocurrency exchange, offers a range of services related to digital currencies. Among its offerings are spot trading, futures trading, and wallet services. These services cater to the needs of investors and traders in the cryptocurrency market.

The legality of Bitcoin transactions in China is governed by the Regulations of the People's Republic of China on the Administration of Renminbi, along with relevant notices issued by the People's Bank of China. These regulations clearly prohibit individuals from conducting Bitcoin transactions.

On October 17, the legal status of holding and trading Bitcoin in China was addressed. According to Chinese law, there is no explicit stipulation that holding and trading Bitcoin constitutes a criminal act. This lack of explicit criminalization leaves room for interpretation regarding the legality of such activities.

Given the absence of a clear criminal provision against holding and trading Bitcoin, individuals in China who engage in these activities do not technically violate the law, based on this legal principle. However, the ban on buying and selling Bitcoin still applies to individuals.