The Supreme People's Procuratorate: Using virtual currency as a medium for illegal transactions constitutes illegal financial activities

ChainCatcher news, recently the Supreme People's Procuratorate and the State Administration of Foreign Exchange jointly released 8 typical cases of punishing illegal foreign exchange crimes.

Regarding the typical cases involving the use of virtual currency as a medium for illegal foreign exchange transactions, the head of the Fourth Procuratorial Division of the Supreme People's Procuratorate pointed out that in China, virtual currency does not have the same legal status as legal tender, and related business activities are considered illegal financial activities.

He stated that an increasing number of illegal foreign exchange crimes are being carried out through virtual currency transactions. The procuratorial authorities have found that using virtual currency as a trading medium to indirectly achieve the conversion of foreign exchange and RMB is an important link in the chain of illegal foreign exchange transactions and should be punished according to law. Guiding evidence collection and examination of criminal facts related to virtual currency transactions requires familiarity with the technical characteristics of virtual currency trading to improve the quality and efficiency of case handling.