What is the scope of selling Bitcoin? Can selling Bitcoin be sentenced?

08/20/2023 07:25 • Daily Digest • 94 views

What is the scope of selling Bitcoin? According to CoinDesk, Bitcoin is classified as a security. But will it be regulated during the selling process? If so, how will the scope of the transaction be defined? According to US law, does selling cryptocurrency fall into what category? Currently, it is not clear what specific fields this report covers.

Essentially, we should consider “selling” and “investment contracts”. However, similarly, selling digital assets to individual investors in an unregulated manner is an illegal activity, including the legitimate means of purchasing, storing, or transferring these digital assets through other methods. Therefore, in some cases, “buying and selling actions” may involve certain types of fraudulent activities.

Can selling Bitcoin on the Internet be sentenced?

The “Court” of the China Judgment Document Network recently released the “Several Provisions on Civil Compensation for Bitcoin”, which explicitly states that selling virtual currency for the purpose of illegal possession is invalid. This behavior has a fraudulent nature and does not constitute the crime of organizing and leading pyramid schemes.

Under the above rules, the court determines that disputes over buying and selling contracts fall into criminal cases. However, according to the provisions of relevant laws and regulations, such transactions should be punished. Therefore, for parties engaged in internet financial activities, “once discovered, they should immediately stop providing services” can be recognized as violating relevant national regulations.

In addition, according to the website of the Ministry of Justice, since February of this year, there have been a large number of dramatic fluctuations in the price of Bitcoin nationwide. From September 19, 2017, to May 7 of this year, there were nearly 200,000 instances of Bitcoin prices fluctuating dramatically, rising from $10,000 to around $40,000; reaching a peak in mid-June and falling by over 90%.

So, if our country can effectively implement this measure, how can we avoid this risk in the eyes of our country?

1. People who have purchased Bitcoin can receive a certain proportion of interest income; 2. Encrypt digital assets using blockchain technology for other payment methods or transfer activities between personal accounts; 3. Raise funds through ICO to achieve the purpose of financing and corresponding actual returns; 4. Use Bitcoin for various promotions and advertising activities from early 2017 to the end of 2018; 5. Investors need to pay a certain amount to the company in order to participate in Bitcoin mining.

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What is the scope of selling Bitcoin? Can selling Bitcoin be sentenced?

Can selling Bitcoin on the Internet be sentenced?

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