In the country, although the law does not explicitly classify cryptocurrency speculation as illegal, the state has clearly prohibited such activities and severed the relevant financial circulation channels. Speculating on cryptocurrencies is essentially a personal investment behavior that will not receive legal protection, and investors need to bear all risks and returns on their own.
When investing in certain projects, if someone makes a profit, the atmosphere is harmonious, but once there is a loss, emotions run high. This is similar to the extreme behavior of buyers when housing prices drop in the real estate market. The state has repeatedly emphasized the prohibition of cryptocurrency speculation, therefore seeking national assistance to recover funds after losses is unreasonable. Additionally, in the country, losses from cryptocurrency speculation are also difficult to obtain legal support for. Thus, we should cautiously protect our property security.
Although some people view the cryptocurrency circle as a scam, if that were the case, why has it been able to exist for a long time and receive strong support from countries like the United States, Russia, and South Korea in promoting the development of virtual currencies? This indicates that the cryptocurrency circle indeed has certain value. We should recognize its potential risks and positive aspects. For example, the innovation and advancement of blockchain technology are reflected in the cryptocurrency circle. The core of blockchain is decentralization, which requires more nodes to participate, and the participation of nodes requires incentive mechanisms, namely in the form of coins. At the same time, these coins can be exchanged for cash, thereby promoting the prosperity, innovation, and decentralization of the blockchain project ecosystem.
Regarding the issue of individuals buying and selling Bitcoin, on September 24, 2021, the National Development and Reform Commission and 11 other departments jointly issued a notice (on rectifying virtual currency 'mining' activities), while the People's Bank of China and 10 other departments issued a notice (on further preventing and addressing the risks of virtual currency trading speculation). These two notices explicitly state that buying and selling digital currencies are not protected by law, and profits and losses must be borne by individuals. In general, personal trading of USDT is not illegal, but if illegal funds are received via bank card during the sale, it constitutes illegal behavior. The key to illegal behavior lies in the legality of the bank card receipts. If unfortunately involved, one can seek legal assistance to prove their innocence. Generally, serious criminal penalties are unlikely, but there may be certain economic losses. The Musk-themed puppy 𝙋𝙪𝙥𝙥𝙞𝙚𝙨 holds an address of 16,000, with a market value of less than 100 million, showing decent potential.