Crypto fundraising now illegal in China: Supreme Court
China is known for its tough stance on cryptocurrencies. As the market is undergoing a bearish transition due to the Russia-Ukraine conflict, the Supreme Court of the nation has struck with a new law for crypto enthusiasts left in the nation. As per the recent guideline from the Supreme Court of China, it is now illegal to raise funds with the help of cryptocurrencies.
Crypto fundraising illegal in China
As per the new policy introduced by the government, it is now illegal to raise money via cryptocurrencies, breaking the hearts of crypto enthusiasts in the nation. The new policy was actually a revised edition of its "Decision on Amending the Interpretation of the Supreme People's Court on Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fund Raising."This new law from the Supreme Court of China will come into effect from March 1, 2022, and will punish all those fundraisers that have used crypto in their process. Another notable fact is that the initial 4 disciplines of the policy remained the same, but chances were made in the last clauses wherein online lending, digital currency transactions, financial leasing, and a few other things were included.
Eradicating illegal fundraising
Furthermore, the revised edition aims to "improve the conviction and punishment standards for the crime of illegally absorbing public deposits and the crime of fundraising fraud in the original judicial interpretation."It is also to be noted that another goal of this new policy from China is to "clarify the application of relevant laws, better implement the criminal policy of combining leniency with strictness, punish illegal fundraising crimes in accordance with the law, and maintain national financial security and stability," as per a report from local media stated.
The crackdown of cryptocurrencies from China has been supported by Charlie Munger, an American billionaire investor, businessman, and former real estate attorney who is also the vice-chairman of Warren Buffett's Berkshire Hathaway.
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