This time no new policies were released, merely reiterating the 2021 924 policy and the 2017 94 policy.
To conclude: personal cryptocurrency trading is not illegal, and using a bank card for deposits and withdrawals is a violation but not illegal.
In 2017, cryptocurrencies were designated as virtual currencies, classified as virtual goods. Virtual currencies are not legal tender, as only the Renminbi is legal tender in our country, and virtual goods only possess the attributes of goods without monetary attributes.
The 2021 924 policy imposed a blanket ban on all businesses in the web3 industry, prohibiting foreign cryptocurrency companies from operating for domestic users and prohibiting domestic institutions and individuals from serving or working for foreign cryptocurrency companies. It also bans banks and other financial institutions from providing payment and settlement services for virtual currency transactions.
To conclude again, currently, personal cryptocurrency holding and trading is not illegal, but using bank cards for transfers in and out is prohibited (cash is allowed); otherwise, it is a violation but not illegal. A violation means breaching the central bank's regulations, but the central bank is neither a legislative body nor an enforcement agency. Even in the case of a violation, the most the central bank can do is suspend your bank card; suspension targets the card number, not the individual, and you can cancel and reissue the card without being affected. According to the bank's anti-money laundering department, 'I cannot give you this advice (to cancel and reissue the card), but if you choose to do so, we cannot stop you.'
Moreover, all convictions related to deposits and withdrawals are due to three reasons: first, money laundering; second, illegal currency exchange; and third, aiding and abetting (knowingly handling funds related to crime and fraud).
Lastly, it is reiterated that personal cryptocurrency trading is not illegal, and using bank cards for deposits and withdrawals is a violation but not illegal.
