Is Weihai Credit Mutual Assistance 43800 legal?

Legal analysis: First of all, due to its lack of supervision, its circulation transaction form is similar to the issuance and listing of Dachuan Securities, and there is an act of setting up an exchange for trading. Its trading process and trading results are opaque, and it is difficult to supervise when encountering problems. Moreover, its price formation mechanism is also opaque, and the transaction price fluctuates greatly, which is easy for investors to suffer huge losses.

Secondly, it is not approved by the central bank, so it cannot be used as currency in China. In the event of policy supervision, it is likely to encounter the risk of price collapse without takeover, and the property law does not explicitly protect digital currency. Therefore, speculative blockchain is equivalent to streaking in the cold winter, which is very dangerous.

Finally, although the blockchain is not illegal, it does not rule out being used as a tool for money laundering by a few fraudsters and illegal fund-raisers.

To sum up, although there is no legal basis for blockchain investment at present, because the law is often formulated later than the market, once it is standardized, the value of blockchain investment may be lost, and the characteristics of decentralized blockchain technology can easily be used as a tool for illegal crimes. Therefore, it is recommended to participate in blockchain investment cautiously to avoid irreparable risks.

Legal basis: Article 266 of the Criminal Law defrauds public or private property, and if the amount is relatively large, he shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or public surveillance, and shall also or only be fined; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined; If the amount is especially huge or there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined or confiscated. Where there are other provisions in this Law, such provisions shall prevail.