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A Chinese citizen identified by authorities as "Mr. Chen" has been sentenced to nine months in prison for buying USDT worth 94,988 Chinese yuan (just over $13,000). This is reported by local media.
According to the prosecutor’s office, in February 2022, an acquaintance named Lin contacted Chen with a request to purchase stablecoins for him by transferring fiat to him for these purposes.
For his services, the defendant received 147.1 yuan ($20.26) in commission.
“Scammers use virtual currency to transfer and launder stolen money. Buying virtual currency, given that others use the Internet to commit crimes, is a violation of the law,” the prosecutor’s office noted.
Chen will spend nine months in prison, suspended for a year. He must also pay a fine of 5,000 yuan ($689).
Recall that in September 2021, the People's Bank of China, in a joint statement with nine state departments, classified operations with cryptocurrencies as illegal financial activities.
In February 2022, China tightened criminal penalties for illegally raising funds in digital assets. At the same time, the Shanghai High Court recognized bitcoin as a virtual asset with legally protected economic value.
According to the prosecutor’s office, in February 2022, an acquaintance named Lin contacted Chen with a request to purchase stablecoins for him by transferring fiat to him for these purposes.
For his services, the defendant received 147.1 yuan ($20.26) in commission.
“Scammers use virtual currency to transfer and launder stolen money. Buying virtual currency, given that others use the Internet to commit crimes, is a violation of the law,” the prosecutor’s office noted.
Chen will spend nine months in prison, suspended for a year. He must also pay a fine of 5,000 yuan ($689).
Recall that in September 2021, the People's Bank of China, in a joint statement with nine state departments, classified operations with cryptocurrencies as illegal financial activities.
In February 2022, China tightened criminal penalties for illegally raising funds in digital assets. At the same time, the Shanghai High Court recognized bitcoin as a virtual asset with legally protected economic value.
