This time, no new policies were released, but it reiterates the 2021 924 policy and the 2017 94 policy.

First, the conclusion: personal cryptocurrency trading is not illegal, using bank cards for deposits and withdrawals is a violation but not illegal.

In 2017, cryptocurrencies were named virtual currencies and classified as virtual goods. Virtual currencies are not legal tender because only the renminbi is legal tender in our country; virtual goods only have the attributes of goods, not monetary attributes.

The 2021 924 policy cut across 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 prohibits banks and other financial institutions from providing payment and settlement services for virtual currency transactions.

Finally, to reiterate, currently, personal cryptocurrency holding and trading is not illegal, but using bank cards for transfers (cash is allowed) is prohibited; otherwise, it is a violation but not illegal. A violation is against the central bank's regulations, but the central bank is neither a legislative body nor an enforcement agency. Even if there is a violation, the central bank can only suspend your bank card, and suspension targets the card number, not the person. You can cancel and reapply for the card without being affected. According to the bank's anti-money laundering department, "I cannot give you this advice (to cancel and reapply), but if you choose to do so, we cannot stop you."

Additionally, all convictions related to deposits and withdrawals stem from three reasons: first, money laundering; second, illegal foreign exchange; third, aiding and abetting crimes (knowing the premise, handling funds involved in blackmail and fraud).

Finally, to reiterate, personal cryptocurrency trading is not illegal, using bank cards for deposits and withdrawals is a violation but not illegal.