China Tightens Law To Jail Those Found Raising Funds Though Crypto Sales

China announced powers to jail those found guilty of raising funds via token sales as it expands its crackdown on crypto. From a report: China's highest court amended its interpretation of the country's Criminal Law to make raising money from the public through "virtual currency" illegal, according to a statement today. The amendment comes into force from March 1. While China has banned crypto-based fundraising since 2017, this new amendment means Chinese courts can now officially issue sentences to criminals. Jail terms will vary from below three years to over ten years, depending on the amount raised.

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[JackieBrown]

What the fuck does that have to do with this?

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[DontBeAMoran]

Isn't it obvious?

"U.S.A.! U.S.A.! U.S.A.! America is Number One!!!1"

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[nightflameauto]

The Chinese Defense Bot failed to come up with a rational explanation that makes it sound like China is a bright shining beacon of happiness and light, so they defaulted to saying something about the US.

People forget

[Finallyjoined!!!]

China is a comminist regime, banning anything requires no passing of laws. If Beijing doesn't like it - tough shit..

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[Finallyjoined!!!]

typinping pong.

Communist.

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[Tokolosh]

This kind of move by China will find favor with the average Slashdot commentator. I read many calls for the same in the US.

China is not a communist regime

[rsilvergun]

They're an authoritarian kleptocracy. They are very much a capitalist state. For fucks sakes they made the device you typed your comment claiming they were Communists on.

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[ShanghaiBill]

China is a comminist regime

China is not communist. China is an authoritarian country with a mixed economy of capitalism and many SOEs (aka Lemon Socialism [wikipedia.org]).

banning anything requires no passing of laws.

Not true. China lacks an independent judiciary, does not use juries, and has a weak tradition of rule-of-law. But the police can't just arbitrarily arrest anyone they want without cause.

time to dump bitcoin and others!

[Joe_Dragon]

time to dump bitcoin and others!

if everyone is in jail

[kyoko21]

if everyone starts to do it and get sent to prison and the population of prisoners surpass those working in prison, who really are the ones in prison?

Historical Precedent

[SuperKendall]

if everyone starts to do it and get sent to prison and the population of prisoners surpass those working in prison, who really are the ones in prison?

See: Australia

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[DontBeAMoran]

A.K.A. "You are hereby sentenced to life upside-down."

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[rsilvergun]

Well since they all are broke after losing all their money on bitcoin Ponzi schemes they're probably better off in prison where they at least get fed. I mean if everybody invests in Ponzi schemes what do you think that's going to do to the economy?

Leia might be talking to you, Xi Jinping

[zarmanto]

"The more you tighten your grip, Tarkin, the more star systems will slip through your fingers."

- Princess Leia

they're certainly doing their best to make crypto

[zephvark]

They're certainly doing their best to make cryptocurrency look good. If the Chinese government is against it, I'm thinking that I probably want some.

So Intel execs will e jailed?

[greytree]

Intel are, disgustingly, profitiing from people wasting energy with their crypto rigs.

Jail 'em.

So video game resource farming is illegal?

[mark-t]

Just so I'm clear on this... because that's what this seems to ultimately suggest.