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China outlaws crypto fundraising, offenders could face jail sentences

China outlaws crypto fundraising, offenders could face jail sentences

Under new legal interpretation from China’s Supreme People’s Court, raising funds using cryptocurrency is deemed as an illegal activity in the country, according to South China Morning Post.

The amendment which comes into force from March 1, states that Chinese courts can now officially issue jail sentences to offenders–ranging from below three years to over ten years in prison.

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