India to be sentenced for buying virtual currency and mining

❶ The virtual currency mining project is shut down, how to deal with contract disputes

Your question is to explain, how to deal with contract disputes in the virtual currency mining project official office? For this issue, if there is a dispute, then this situation is generally sued in the court, and there will be a judgment on your issue

❷ India plans to promulgate the world’s most stringent cryptocurrency laws, bitcoin

From the perspective of this year, the digital currency market is also very hot. If Tesla buys bitcoin, the United States will support more than 300 million US dollars for bitcoin purchase. Even some teams in the NBA buy in proportion, so after the exposure of the photography, countries around the world have also strengthened their supervision of this matter.

Japan also recently issued a bill that would ban all encrypted currencies, including digital currencies, and impose fines on the transactions or holders of encrypted currencies. This bill may also impose penalties on millions of people in India. The digital currency investors of the company have brought heavy losses. It is reported that the bill has received a majority of the votes in favor of the Indian government meeting. A working group in India also stated that Indians who participate in the exposure, trading or transfer of cryptocurrencies can be sentenced to up to 10 years in prison.

❸ Will the country ban virtual currency mining?

Virtual currency mining has been banned.

The country will reach a peak in carbon emissions in 2030. The daily mining of Bitcoin and Ethereum uses thermal power generation, that is, the use of fuels such as coal to generate electricity, and the power consumption is very large.

The country now advocates energy conservation and emission reduction. At present, the power consumption of bitcoin has caused great pollution to the environment, and thermal power generation will produce A large amount of carbon dioxide, too much carbon dioxide will accelerate global warming, accelerate the melting of polar glaciers, shrink the territories of coastal countries, and reduce the habitable area of ​​human beings. This is the fundamental reason why the country banned Bitcoin, Ethereum.

The National Finance Commission is cracking down on low-energy mining. Secondly, the national electricity subsidy disguised as cloud computing centers and IDC computer rooms is a kind of energy-consuming mining.

❹ Taking the virtual currency “mining” activities of Ethereum and Bitcoin in the province as an example, what punishment will be imposed

Once discovered, the persons involved will be severely punished in accordance with national regulations. The act of “mining” wastes a lot of power and brings many adverse effects to the country.

With the development of the times, Internet technology is getting stronger and stronger, but with the development of the Internet, a virtual currency appears in the network. The price of this virtual currency in the trading market is very high, so it has attracted the attention of many investors, who want to make a profit by purchasing a large number of mining machines for mining activities. However, this kind of behavior is expressly prohibited in many countries, and my country is no exception. The mining of virtual currency requires a lot of electricity for the country and also causes environmental pollution. Therefore, such activities must not be carried out, otherwise they will be severely punished by law enforcement officers.

❺ Is virtual currency mining illegal?

It is not illegal or illegal. From the date of the announcement, any so-called token financing trading platform shall not engage in the exchange business between fiat currency and tokens and “virtual currency”, and shall not buy or sell tokens or “virtual currency” as a central counterparty, Pricing, information intermediary, etc. services for tokens or “virtual currencies” shall not be provided.
Extension information: 1. Virtual currency refers to non-real currency. Well-known virtual currencies such as Internet coins of Internet companies, Q coins of Tencent companies, Q points, coupons of Shanda companies, micro coins launched by Sina (for micro games, Sina reading, etc.); popular digital currencies in 2013 include, Bitcoin, Litecoin, Fuyuancoin.
2. Online virtual currency can be roughly divided into:
The first category is the game currency that everyone is familiar with. In the era of stand-alone games, the protagonist accumulated currency by defeating enemies and winning money in casinos, and used these to buy herbs and equipment, but they could only be used in their own game consoles. Back then, there was no “market” among players. Since the Internet has established portals and communities and realized the networking of games, virtual currency has had a “financial market”, and players can trade game currency between players.
The second category is the special currency issued by the portal website or instant messaging tool service provider, which is used to purchase the services on this website. The most widely used is Tencent’s Q coin, which can be used to purchase value-added services such as membership and QQ show.
The third type of virtual currency on the Internet, such as Bitcoin (BTC), Fuyuan Coin (FTC), Lite Currency (LTC), etc. Bitcoin is an electronic currency generated by open source P2P software, and some people will Bitcoin, literally translated as “bit gold”, is a network virtual currency.
Mainly used for Internet financial investment, and can also be used directly in life as a new currency. Fuyuan Coin is a commercial application point system in the jewelry industry.�, is an innovative encrypted digital currency.
3. The crime of counterfeiting currency. Whoever counterfeits currency shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined; whoever falls under any of the following circumstances shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined or confiscation of property:
(1) Counterfeiting currency The leader of the group;
(2) The amount of counterfeit currency is particularly huge;
(3) There are other particularly serious circumstances.

❻ Are the four major virtual currencies illegal?

It is illegal to distribute virtual currency privately.

Article 29 of the “Regulations of the People’s Republic of China on the Administration of Renminbi” stipulates: “Any unit or individual shall not print or sell token tickets to replace the circulation of Renminbi in the market.”

In addition, the “Emergency Notice of the State Council Office of Correction of Unhealthy Trends in the Industry, the State Economic and Trade Commission, and the People’s Bank of China on Strictly Prohibiting the Issuance and Use of Various Tokens (Cards)” also strictly prohibits similar issues.

(6) The purchase of virtual currency and mining in India will be sentenced to further reading

Virtual currency refers to non-real currency. Well-known virtual currencies such as Internet coins of Internet companies, Q coins of Tencent companies, Q points, coupons of Shanda companies, micro coins launched by Sina (used for micro games, Sina reading, etc.), chivalrous ingots (used for chivalrous Taoist games) ), silver pattern (used in Bixue Qingtian game), popular digital currencies in 2013 include Bitcoin, Litecoin, Unlimited Coin, Quark Coin, Zeta Coin, BBQ Coin, Penny Coin (external network), Invisible Gold Bar, Red coins, prime coins. At present, there are hundreds of digital currencies issued around the world. The legend of “bit gold, Wright silver, infinite copper, penny aluminum” is popular in the circle.

Market formation

The Internet has led to the emergence of a new market, which is a virtual market based on cyberspace. The Internet provides consumers with a lot of communication and communication places, and also provides a business market for enterprises. Enterprises must change from product-centered to service-centered to customer-centered. With the development of computer artificial intelligence technology and database technology, enterprises can conveniently collect customer information, so as to understand customer needs in a timely manner, change business strategies, and grasp economic arteries in real time.

Electronic finance

With the rapid development of computer and network communication technology, the application of Internet technology has gradually penetrated into various fields of human activities. They have turned their attention to e-commerce. E-commerce is infiltrating all aspects of social and economic life at an unimaginable speed.

Traditional finance also pays close attention to this unstoppable trend of global economic integration and networking. Therefore, the value-added service is based on art as a selling point, which can be regarded as a commodity; while the sword in the game is not a brand-new financial service business philosophy – electronic finance came into being.

From the perspective of historical development, to understand electronic finance, we must start from financial electronicization and electronic commerce. The so-called electronic financialization means that financial enterprises use modern communication, computer and network information technology means other than Internet technology to improve the work efficiency of traditional financial service business, reduce operating costs, realize the automation of financial business processing, and the informatization of financial enterprise management. Scientific and scientific decision-making, to provide customers with faster and more convenient services, and then to enhance financial enterprises is the behavior of market competitiveness.

Electronic finance is a transcendence of electronic finance. Different from financial electronicization, the main technical basis of electronic financial operation is the increasingly perfect Internet technology. Due to the global connectivity, openness, speed and low marginal cost of Internet technology, e-finance puts more emphasis on the reorganization and innovation of the entire financial service business based on Internet technology, so that customers are not limited by business hours and locations, anytime, anywhere. Enjoy a variety of high-quality, low-cost services provided by financial companies.

With the development of the Internet, the form of currency existence is more virtualized, and there is an electronic currency that is free from any form of things and only exists in the form of electronic signals.

Reference Source: Internet: Virtual Currency

❼ How serious is virtual currency mining illegal?

Virtual currency mining is not illegal, but it is not Legal protection.
Currently my country has not officially promulgated relevant laws, so virtual currency mining is not illegal, and my country does not support virtual currency mining. As far as the current policy is concerned, it is inevitable that my country will ban virtual currency mining. Criminals may take advantage of the transactional characteristics of virtual currency as a money laundering tool.
According to relevant laws and regulations, it is strictly forbidden to establish and approve various virtual currency “mining” projects in various regions, and all existing virtual currency “mining” projects are completely shut down.
Resolutely investigate and rectify those who initiate projects in the name of big data, supercomputing centers, etc. but engage in virtual currency “mining”the subject of the project. It is forbidden to provide venues and power support for virtual currency “mining” behavior.
In the later stage, inspections and spot checks will be carried out on the clean-up and rectification. Please prepare relevant materials well.
According to the notices and announcements issued by the People’s Bank of China and other departments, virtual currency is not issued by the monetary authority, and does not have currency attributes such as legal compensation and mandatory. It is not currency in the true sense and does not have the same legal status as currency. , cannot and should not be used as currency in the market, and citizens’ investment and trading of virtual currency are not protected by law.
Article 3 of the Anti-Money Laundering Law of the People’s Republic of China Anti-money laundering obligations such as customer identity information and transaction record keeping, large-value and suspicious transaction reporting, and special anti-money laundering precautions.
Article 4 Units and individuals shall legally cooperate with financial institutions and specific non-financial institutions in customer due diligence to perform anti-money laundering obligations, and cooperate with anti-money laundering investigations; perform obligations such as reporting huge cash receipts and payments, and special anti-money laundering preventive measures. ; shall not facilitate illegal and criminal activities such as money laundering.
Article 6 Units and individuals shall keep confidential the customer identity information, transaction information and anti-money laundering investigation information obtained from fulfilling their anti-money laundering obligations in accordance with the law; they shall not provide them to any unit or individual unless required by law.
Relevant state organs, departments and institutions shall protect state secrets, business secrets and personal privacy in accordance with the law when using anti-money laundering information.

❽ Is virtual currency mining illegal?

Legal analysis: At present, my country has not officially promulgated relevant laws, so virtual currency mining is not illegal, but It should be noted that my country does not support virtual currency mining. As far as the current policy is concerned, it is inevitable that my country will ban virtual currency mining.

Legal basis: “Notice of Qinghai Provincial Department of Industry and Information Technology on Carrying out the Cleanup and Rectification of Virtual Currency “Mining” Projects Completely shut down all existing virtual currency “mining” projects.

Second, resolutely investigate and correct the project entities that are engaged in virtual currency “mining” in the name of big data, supercomputing centers, etc. It is forbidden to provide venues and power support for virtual currency “mining” behavior.

Three. In the later stage, inspections and spot checks will be carried out on the clean-up and rectification. Please prepare relevant materials well.

❾ Is mining illegal?

It is illegal and disciplinary, because some small mining companies also have laws and regulations to prohibit them, not to mention that you are private mining, breaking the law is conceivable know things. Please refer to!

❿ Is it illegal to be a bitcoin mining machine?

As of July 24, 2020, the country has not issued any laws stating that bitcoin mining machines are illegal.

Bitcoin mining machine is one of the ways to get bitcoin. Bitcoin (Bitcoin) is a network virtual currency generated by open source P2P software.

It is not issued by a specific currency institution, and is generated by a large number of calculations of a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors. The decentralized nature of P2P and the algorithm itself can ensure that the currency value cannot be artificially manipulated by mass-producing Bitcoin.

(10)India’s purchase of virtual currency and mining will be sentenced to further reading

The issuance and transaction of bitcoin are completed through mining , which is minted at a determinate but constantly slowing rate. Each new block is accompanied by a certain amount of brand new bitcoins that are created from scratch, which is rewarded as a coinbase transaction to the miner who found the block.

The reward of each block is not fixed. Every 210,000 blocks are mined, it takes about 4 years, and the currency issuance rate is reduced by 50%. During Bitcoin’s first four years of operation, 50 new bitcoins were created per block. 12.5 new bitcoins are created per block. In addition to block rewards, miners also receive fees for all transactions within the block.

Reference Source: Network – Bitcoin Mining Machine


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