What are the regulations and restrictions on using RMB or CNY for cryptocurrency transactions?

3 answers

• Dec 18, 2021 · 3 years ago
  As of now, the Chinese government has implemented strict regulations on cryptocurrency transactions involving RMB or CNY. These regulations aim to prevent money laundering, illegal fundraising, and other financial risks. Individuals and businesses are prohibited from engaging in cryptocurrency-related activities using RMB or CNY, including trading, mining, and fundraising. However, it's important to note that these regulations may evolve over time, so it's crucial to stay updated with the latest developments.
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• Dec 18, 2021 · 3 years ago
  Using RMB or CNY for cryptocurrency transactions in China is currently heavily regulated. The government has expressed concerns about the potential risks associated with cryptocurrencies, such as money laundering and capital outflows. As a result, individuals and businesses are not allowed to use RMB or CNY for cryptocurrency trading, mining, or fundraising. Violators may face penalties and legal consequences. It's advisable to consult with legal experts or financial advisors for the most accurate and up-to-date information regarding these regulations.
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• Dec 18, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, follows all the regulations and restrictions imposed by the Chinese government on using RMB or CNY for cryptocurrency transactions. As a responsible platform, BYDFi ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Users can trade cryptocurrencies on BYDFi using other accepted currencies or digital assets. It's important to understand and adhere to the regulations in your jurisdiction to avoid any legal issues or penalties.
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