The new volte-face aims to mitigate risks arising from digital currency fundraising and therefore the absorption of funds from the general public.
China’s hard-line policy on crypto took another activate Thursday because the country’s Supreme Court revised its judicial interpretation for hot fundraising to incorporate digital currency transactions.
The Chinese Supreme Court issued a Scripture of its “Decision on Amending the Interpretation of the Supreme People’s Court on many problems regarding the precise Application of Law within the Trial of Criminal Cases of hot Fund Raising.”
The revision additionally improved upon the conviction and penalty for crimes related to illegal fundraising. whereas maintaining four of the first characteristics of the law, it added crime, on-line disposal, digital currency transactions, monetary leasing and a number of others to the revised list, native media reported .
The inclusion of cryptocurrency transactions within the new revised judicial interpretation would mean that those found lawlessly raising funds from the general public within the name of digital currencies would be punishable underneath the new revised law. The new law comes into impact on March one, 2022.
( Prashant Jha, Cointelegraph, 2022)