Virtual currency exists legally in China, but it is illegal to use virtual currency to engage in illegal activities. Bitcoin is defined as a special Internet commodity in China. At this stage, financial institutions are not allowed to provide products or services related to Bitcoin. Bitcoin cannot and should not be used as currency. Bitcoin is not issued by the monetary authorities, and has no monetary attributes such as legal compensation and coercion, so it is not a real currency.

Legal basis: Article 8 of the Civil Law: Civil subjects engaged in civil activities shall not violate the law or public order and good customs.