According to the notices and announcements issued by the People's Bank of China and other departments, virtual currency is not issued by the monetary authorities, has no monetary attributes such as legal compensation and compulsion, is not a real currency, has no legal status equivalent to currency, cannot and should not be used as currency in the market, and citizens' investment and transaction of virtual currency are not protected by law.

Virtual currency is definitely illegal in China. Although there is no explicit prohibition on buying and selling digital currency, all domestic exchanges have closed down or withdrawn from China.