Cases of illegal operation of virtual currency
Publish: 2021-03-28 01:48:07
1. In China, no competent department has made clear its position on bitcoin, which leads to its crazy and disorderly development in reality. Some websites use bitcoin to engage in illegal activities such as gambling and foreign exchange trading. There are also some websites using bitcoin for illegal fund-raising or fund-raising fraud. On October 26, 2013, the website of GBL bitcoin trading platform registered in Hong Kong was closed, and the relevant operators disappeared. The platform has previously attracted a large number of investors to invest in bitcoin
at present, the disorder of bitcoin trading in China needs to be cleaned up and rectified. This kind of clean-up and rectification has sufficient legal basis
1. The "transaction" and "circulation use" of bitcoin violate the law of the people's Bank of China of the people's Republic of China. Article 16 of the law clearly stipulates that "the legal currency of the people's Republic of China is RMB", and the institution that "issues RMB and manages the circulation of RMB" is unique, that is, the people's Bank of China; Article 20 stipulates that "no unit or indivial may print or sell token tickets to replace RMB in circulation on the market.". In fact, bitcoin has the function of "token", and the network platforms and merchants that conct bitcoin transactions have violated the provisions of the law, which should be investigated and dealt with in accordance with the law
2. Bitcoin's "trading" and "circulation and use" violate the foreign exchange regulations. Article 3 of the regulations clearly defines that "foreign exchange refers to the following payment means and assets expressed in foreign currency that can be used for international settlement, including foreign currency payment vouchers or payment instruments, including bills, bank deposit certificates, bank cards, etc.". Article 8 clearly stipulates that "the circulation of foreign currency is prohibited within the territory of the people's Republic of China, and foreign currency shall not be used for valuation and settlement.". Article 45 clearly stipulates: "those who buy or sell foreign exchange without permission, in disguised form, buy or resell foreign exchange, or illegally introce foreign exchange to buy or sell a large amount of foreign exchange shall be given a warning by the foreign exchange administration, their illegal income shall be confiscated, and a fine of less than 30% of the illegal amount shall be imposed; If the circumstances are serious, a fine of not less than 30% of the illegal amount shall be imposed; If a crime is constituted, criminal responsibility shall be investigated according to law. ". Bitcoin, as an international means of payment recognized by many countries, should be subject to the regulation. Websites and businesses engaged in bitcoin trading and use should be investigated and dealt with in accordance with the regulation< Third, bitcoin does not belong to the "virtual currency" defined in Chinese laws and regulations. Many bitcoin trading platforms claim to operate legally according to the relevant laws and regulations of China's "virtual currency", which is wrong. In 2009, the Ministry of culture and the Ministry of Commerce issued the notice on strengthening the management of virtual currency of online games, which clearly defined: "the virtual currency of online games mentioned in this Notice refers to the virtual currency of online games issued by online game operation enterprises, which is directly or indirectly purchased by game users using legal tender in a certain proportion, and exists outside the game program, It is a virtual exchange tool that is stored in the server provided by online game operators in the form of electromagnetic records and expressed in specific digital units. " The "notice" also makes it clear that "the use scope of online game virtual currency is limited to the virtual services provided by the issuing enterprise itself, and shall not be used to pay for, purchase physical procts or exchange for any procts and services of other enterprises". Bitcoin is not issued by game enterprises, and it can be exchanged for physical and currency. It can be seen that bitcoin is completely different from this kind of "virtual currency" and does not belong to the "virtual currency" stipulated by law. Even if it is engaged in the trading service platform business of "virtual currency", it is necessary to apply to the cultural authorities for the establishment of an operating Internet cultural unit for administrative license in accordance with the provisions. In the application report, it is necessary to specify the service (platform) mode, user purchase method (including cash, bank card, online payment and other purchase methods), user rights and interests protection measures, user's rights and interests protection measures Binding of user account and real name bank account, technical security measures, etc
so far, no bitcoin trading platform has obtained and is unlikely to obtain such administrative license
4. Bitcoin trading platform violates the telecommunication management regulations such as the telecommunication management regulations and the measures for the administration of Internet information services, which constitutes "illegal business operation"
Article 7 of the regulations on the administration of telecommunications clearly stipulates that "the State implements a licensing system for the operation of telecommunications business according to the classification of telecommunications business. In order to operate telecommunication business, a telecommunication business license issued by the competent department of information instry under the State Council or the telecommunication administrative agency of a province, autonomous region or municipality directly under the central government must be obtained in accordance with the provisions of these regulations. No organization or indivial may engage in telecommunications business without a telecommunications business license. " Internet information service is one of the value-added telecommunication services restricted by the law Article 4 of the measures for the administration of Internet information services stipulates that "the State shall implement a licensing system for operating Internet information services; The non operating Internet information service shall be put on record. Those who have not obtained permission or have not gone through the filing proceres shall not engage in Internet information services. " Bitcoin trading platform collects "transaction fees" or "withdrawal fees" or engages in "related advertising business", which belongs to "operating" Internet information service business
bitcoin trading platform has neither obtained nor is it possible to obtain "operating license for operating Internet information service business", and some websites have not even put it on record. This behavior constitutes "illegal business operation" according to law, and should be investigated and dealt with according to law< 5. Those who use bitcoin to engage in gambling, money laundering, bribery, fund-raising fraud and other illegal acts shall be punished in accordance with the relevant provisions of the criminal law of the people's Republic of China. Bitcoin's "value function" and "use function" make it become the "object element" of criminal behavior, and the criminal behavior related to bitcoin should not be placed outside the legal jurisdiction
no one can say for sure what the future of bitcoin will be. However, under the current financial management system of "foreign exchange can not be freely circulated and exchanged" in China, with the high incidence of corruption and economic crimes, it is impossible to seek the legitimacy of bitcoin trading platform, and it is sooner or later to clean up and rectify bitcoin trading platform. However, the sooner things come, the better. If they are delayed, more bitcoin trading platforms will collapse, more "investors" will lose all their money, and a large number of cases of "illegal business operation crime", "illegal fund-raising crime" and "fund-raising fraud" will be investigated to quell public indignation
if the relevant authorities think these bitcoin trading platforms are legal, they should also make a clear statement to give the operators of the relevant platforms a "talisman" to avoid "settling accounts in the future"
quoted from lawyer leiteng's blog
at present, the disorder of bitcoin trading in China needs to be cleaned up and rectified. This kind of clean-up and rectification has sufficient legal basis
1. The "transaction" and "circulation use" of bitcoin violate the law of the people's Bank of China of the people's Republic of China. Article 16 of the law clearly stipulates that "the legal currency of the people's Republic of China is RMB", and the institution that "issues RMB and manages the circulation of RMB" is unique, that is, the people's Bank of China; Article 20 stipulates that "no unit or indivial may print or sell token tickets to replace RMB in circulation on the market.". In fact, bitcoin has the function of "token", and the network platforms and merchants that conct bitcoin transactions have violated the provisions of the law, which should be investigated and dealt with in accordance with the law
2. Bitcoin's "trading" and "circulation and use" violate the foreign exchange regulations. Article 3 of the regulations clearly defines that "foreign exchange refers to the following payment means and assets expressed in foreign currency that can be used for international settlement, including foreign currency payment vouchers or payment instruments, including bills, bank deposit certificates, bank cards, etc.". Article 8 clearly stipulates that "the circulation of foreign currency is prohibited within the territory of the people's Republic of China, and foreign currency shall not be used for valuation and settlement.". Article 45 clearly stipulates: "those who buy or sell foreign exchange without permission, in disguised form, buy or resell foreign exchange, or illegally introce foreign exchange to buy or sell a large amount of foreign exchange shall be given a warning by the foreign exchange administration, their illegal income shall be confiscated, and a fine of less than 30% of the illegal amount shall be imposed; If the circumstances are serious, a fine of not less than 30% of the illegal amount shall be imposed; If a crime is constituted, criminal responsibility shall be investigated according to law. ". Bitcoin, as an international means of payment recognized by many countries, should be subject to the regulation. Websites and businesses engaged in bitcoin trading and use should be investigated and dealt with in accordance with the regulation< Third, bitcoin does not belong to the "virtual currency" defined in Chinese laws and regulations. Many bitcoin trading platforms claim to operate legally according to the relevant laws and regulations of China's "virtual currency", which is wrong. In 2009, the Ministry of culture and the Ministry of Commerce issued the notice on strengthening the management of virtual currency of online games, which clearly defined: "the virtual currency of online games mentioned in this Notice refers to the virtual currency of online games issued by online game operation enterprises, which is directly or indirectly purchased by game users using legal tender in a certain proportion, and exists outside the game program, It is a virtual exchange tool that is stored in the server provided by online game operators in the form of electromagnetic records and expressed in specific digital units. " The "notice" also makes it clear that "the use scope of online game virtual currency is limited to the virtual services provided by the issuing enterprise itself, and shall not be used to pay for, purchase physical procts or exchange for any procts and services of other enterprises". Bitcoin is not issued by game enterprises, and it can be exchanged for physical and currency. It can be seen that bitcoin is completely different from this kind of "virtual currency" and does not belong to the "virtual currency" stipulated by law. Even if it is engaged in the trading service platform business of "virtual currency", it is necessary to apply to the cultural authorities for the establishment of an operating Internet cultural unit for administrative license in accordance with the provisions. In the application report, it is necessary to specify the service (platform) mode, user purchase method (including cash, bank card, online payment and other purchase methods), user rights and interests protection measures, user's rights and interests protection measures Binding of user account and real name bank account, technical security measures, etc
so far, no bitcoin trading platform has obtained and is unlikely to obtain such administrative license
4. Bitcoin trading platform violates the telecommunication management regulations such as the telecommunication management regulations and the measures for the administration of Internet information services, which constitutes "illegal business operation"
Article 7 of the regulations on the administration of telecommunications clearly stipulates that "the State implements a licensing system for the operation of telecommunications business according to the classification of telecommunications business. In order to operate telecommunication business, a telecommunication business license issued by the competent department of information instry under the State Council or the telecommunication administrative agency of a province, autonomous region or municipality directly under the central government must be obtained in accordance with the provisions of these regulations. No organization or indivial may engage in telecommunications business without a telecommunications business license. " Internet information service is one of the value-added telecommunication services restricted by the law Article 4 of the measures for the administration of Internet information services stipulates that "the State shall implement a licensing system for operating Internet information services; The non operating Internet information service shall be put on record. Those who have not obtained permission or have not gone through the filing proceres shall not engage in Internet information services. " Bitcoin trading platform collects "transaction fees" or "withdrawal fees" or engages in "related advertising business", which belongs to "operating" Internet information service business
bitcoin trading platform has neither obtained nor is it possible to obtain "operating license for operating Internet information service business", and some websites have not even put it on record. This behavior constitutes "illegal business operation" according to law, and should be investigated and dealt with according to law< 5. Those who use bitcoin to engage in gambling, money laundering, bribery, fund-raising fraud and other illegal acts shall be punished in accordance with the relevant provisions of the criminal law of the people's Republic of China. Bitcoin's "value function" and "use function" make it become the "object element" of criminal behavior, and the criminal behavior related to bitcoin should not be placed outside the legal jurisdiction
no one can say for sure what the future of bitcoin will be. However, under the current financial management system of "foreign exchange can not be freely circulated and exchanged" in China, with the high incidence of corruption and economic crimes, it is impossible to seek the legitimacy of bitcoin trading platform, and it is sooner or later to clean up and rectify bitcoin trading platform. However, the sooner things come, the better. If they are delayed, more bitcoin trading platforms will collapse, more "investors" will lose all their money, and a large number of cases of "illegal business operation crime", "illegal fund-raising crime" and "fund-raising fraud" will be investigated to quell public indignation
if the relevant authorities think these bitcoin trading platforms are legal, they should also make a clear statement to give the operators of the relevant platforms a "talisman" to avoid "settling accounts in the future"
quoted from lawyer leiteng's blog
2. No tobacco monopoly license is not allowed to sell, so was fined. Pay enough fine to show that you have a good attitude to plead guilty, you will be sentenced to probation, otherwise you may be sentenced to a real sentence, the best way to pay it
3. Because they are Banxian, so a jump is far away. If it's a whole fairy, it's going to jump further. If you are an ordinary person, you can't jump far.
4. Must have the Cultural Bureau's license, can manage sells the network game currency, otherwise belongs to the illegal! It's just that the state hasn't specially investigated and dealt with it. I hope you can do what you can! Don't work too long, it's easy to go back!
5. The fifth paragraph of Article 1 of the interpretation of the Supreme People's court and the Supreme People's Procuratorate on the specific application of laws in handling criminal cases such as illegal proction and sale of tobacco monopoly procts stipulates that without the permission of the Department of tobacco monopoly administration, there are no licenses for tobacco monopoly proction enterprises, tobacco monopoly wholesale enterprises, and tobacco monopoly wholesale enterprises If the license for a special tobacco monopoly enterprise or a tobacco monopoly retail license, etc., illegally deals in tobacco monopoly procts, if the circumstances are serious, the offender shall be convicted and punished for the crime of illegal business operation in accordance with the provisions of Article 225 of the criminal law. Article 3 if the amount of illegal business in the first paragraph of Article 3 is more than 50000 yuan, or the amount of illegal income is more than 20000 yuan, it shall be recognized as "serious circumstances" as stipulated in Article 225 of the criminal law. If the illegal facts are confirmed, the judicial organ will regard the above illegal acts as "serious". They shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also, or shall only, be fined not less than one time but not more than five times their illegal gains.
6.
It can't be summed up as "general". Different circumstances and consequences of a crime, as well as the amount of money involved, will have different sentencing standards. At the same time, we should also consider the attitude of confession and other factors The punishment of the crime in the criminal law is only a general provision. When sentencing, we need to consider many factors and conditions
< H2 >provisions on punishment of the crime of illegal business operation in the criminal law: < H2 >
Article 225 Whoever, in violation of state regulations, commits one of the following illegal business operations and disturbs market order, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also, or shall only, be fined not less than one time but not more than five times the illegal income; If the circumstances are especially serious, the offender shall be sentenced to fixed-term imprisonment of not less than five years and shall also be fined not less than one time but not more than five times the illegal gains or be sentenced to confiscation of property:
(1) operating without permission the articles that are exclusively or monopolized by law or administrative regulations or other articles that are restricted from trading
(2) buying and selling import and export licenses, certificates of origin for import and export, and other business licenses or approval documents stipulated by laws and administrative regulations (3) engaging in securities, futures and insurance business without the approval of the relevant competent authorities of the state, or engaging in fund payment and settlement business illegally (4) other illegal operations that seriously disrupt the market order7. If it's a joint crime, the detention house where the gang is locked up should be calculated on the basis of the total amount of the illegal operation of the gang. Such a large amount of money belongs to the extremely serious circumstances and can be sentenced to 15 years' imprisonment< Article 225 of the criminal law of the people's Republic of China (hereinafter referred to as Article 225 of the criminal law) violates the provisions of the state by engaging in one of the following illegal business activities, thus disrupting the market order. If the circumstances are serious, and the circumstances are especially serious, a fine of more than five years shall be imposed, and a fine of more than one time and less than five times the illegal income shall be imposed, or property shall be confiscated Special goods or other restricted goods< (2) buying and selling import and export licenses, import and export certificates of origin, and other business licenses or approval documents stipulated by laws and administrative regulations< (3) illegally operating securities, futures or insurance business without the approval of the relevant competent authorities of the state< (4) other illegal business activities that seriously disrupt the order of the city. Article 231 If a unit commits the crime mentioned in articles 221 to 230 of this section, it shall be fined, and the persons who are directly in charge and other persons who are directly responsible for the crime shall be punished in accordance with the provisions of each article of this section.
8. Illegal business has nothing to do with the amount of money, mainly according to the consequences of its behavior. According to Article 225 of the criminal law, whoever, in violation of the provisions of the state, commits one of the following illegal business operations and disturbs the market order, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention and shall also, or shall only, be fined not less than one time but not more than five times the illegal income; If the circumstances are especially serious, the offender shall be sentenced to fixed-term imprisonment of not less than five years and shall also be fined not less than one time but not more than five times the illegal gains or be sentenced to confiscation of property:
(1) engaging in the business of monopoly or monopoly goods or other restricted goods as prescribed by laws and administrative regulations without permission< (2) buying and selling import and export licenses, certificates of origin for import and export, and other business licenses or approval documents stipulated by laws and administrative regulations< (3) engaging in securities, futures and insurance business illegally without the approval of the relevant state authorities, or engaging in fund payment and settlement business illegally< (4) other illegal business operations that seriously disrupt the market order.
(1) engaging in the business of monopoly or monopoly goods or other restricted goods as prescribed by laws and administrative regulations without permission< (2) buying and selling import and export licenses, certificates of origin for import and export, and other business licenses or approval documents stipulated by laws and administrative regulations< (3) engaging in securities, futures and insurance business illegally without the approval of the relevant state authorities, or engaging in fund payment and settlement business illegally< (4) other illegal business operations that seriously disrupt the market order.
9. 80% of the platforms have a service charge. Even if the bank exceeds the limit, there will be a handling charge. And this kind of platform will write in the rules that the final interpretation right belongs to the platform.
10. 1、 Relevant laws and regulations
1. According to the notice of the people's Bank of China on banning underground banks and cracking down on usury, the private personal lending interest rate is determined by both sides through negotiation, but the interest rate negotiated by both sides shall not exceed 4 times of the same period and same grade lending interest rate (excluding floating) of financial institutions announced by the people's Bank of China. Those exceeding the above criteria should be defined as high interest lending. 2. Private personal lending activities must strictly abide by the relevant provisions of the state laws and administrative laws, and follow the principles of voluntary mutual assistance and good faith. In private personal lending, the lender's funds must be its own monetary funds which belong to its legitimate income, and it is forbidden to absorb other people's funds and transfer them. 3. The illegal financial institutions mentioned in the measures for banning illegal financial institutions and illegal financial business activities (Decree No. 247 of the State Council of the people's Republic of China) refer to those established without the approval of the people's Bank of China, which are engaged in or mainly engaged in deposit taking, loan granting, settlement, bill discounting, fund lending, trust investment, financial leasing, financing guarantee, etc Institutions engaged in foreign exchange trading and other financial business activities. 4. Article 22 If an illegal financial institution is established or engaged in illegal financial business activities, which constitutes a crime, criminal responsibility shall be investigated according to law; If the case does not constitute a crime, the people's Bank of China shall confiscate the illegal gains and impose a fine of not less than one time but not more than five times the illegal gains; If there is no illegal income, a fine of not less than 100000 yuan but not more than 500000 yuan shall be imposed. 5. Article 61 of the general rules of the people's Bank of China on loans: If enterprises handle loans or loans in disguised form without authorization, the people's Bank of China shall impose a fine of more than one time to less than five times of the income of the borrower in violation of the regulations, and the people's Bank of China shall ban it. 6. According to Article 175 of the criminal law, whoever, for the purpose of making profits by transferring loans to other people, swindles the credit funds of financial institutions at a high profit and transfers them to others, if the amount of illegal gains is relatively large, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also be fined not less than one time but not more than five times the illegal gains; If the amount is huge, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than seven years and shall also have illegal income. 7. According to Article 176 of the criminal law, anyone who illegally absorbs public deposits or absorbs public deposits in disguised form and disturbs financial order shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan. Where a unit commits the crime of illegally absorbing public deposits, it shall be fined, and the persons who are directly in charge and the other persons who are directly responsible for the crime shall be punished according to the legal punishment for crimes committed by natural persons< If the annual interest rate is less than 4 times of the legal interest rate, it shall be protected. If the annual interest rate is more than 4 times, it shall not be protected by law, but it shall not be punished. 2. According to the current law of our country, enterprises of non-financial institutions are not allowed to make loans. If there is a loan, the legal consequence is that the contract is invalid, the principal is returned, and the interest is theoretically confiscated and recovered by the state. Enterprises and indivials, as well as indivials and indivials are allowed to form a lending relationship, the interest shall not exceed four times the bank interest. 3. If an illegal financial institution is established, not only the interest will be confiscated, but also a fine will be imposed. 4. If the amount of the loan is large, the criminal responsibility shall be investigated for the crime of usury. 5. Those who illegally want to absorb savings from an unspecified majority and then loan at usury shall be investigated for criminal responsibility for the crime of illegally absorbing public deposits. 6. Now in judicial practice, there are many cases where usury is granted with self owned funds and criminal responsibility is investigated for the crime of illegal business operation. If so determined, then the principal is criminal funds, to be confiscated, but also a fine, and may be sentenced. In my opinion, this kind of punishment is heavier than the crime of refinancing, which is obviously too heavy. It violates the principle of logical interpretation of legal interpretation and the principle of a legally prescribed punishment for a specified crime, as well as the common sense
according to the "opinions on people's court hearing loan cases", the interest of the part of private loan that exceeds 4 times the bank loan interest rate is not protected by law. That is to say, in usury, the principal of the lender and the interest within 4 times of the bank interest rate are protected by law, and the interest beyond that is not protected
take the benchmark loan interest rate of 6% as an example, if it exceeds 24%, it is usury. If a lends the money to B at an annual interest rate of 40%, when B refuses to repay, the principal of a and the interest within 24% will be protected by law, and the court will judge B to repay, and the remaining interest rate of 16% will not be protected<
usury is not protected by law, but at present, no law stipulates that usury is a crime. It is generally believed that usury is a crime because violence and other illegal acts often occur in the process of collection.
1. According to the notice of the people's Bank of China on banning underground banks and cracking down on usury, the private personal lending interest rate is determined by both sides through negotiation, but the interest rate negotiated by both sides shall not exceed 4 times of the same period and same grade lending interest rate (excluding floating) of financial institutions announced by the people's Bank of China. Those exceeding the above criteria should be defined as high interest lending. 2. Private personal lending activities must strictly abide by the relevant provisions of the state laws and administrative laws, and follow the principles of voluntary mutual assistance and good faith. In private personal lending, the lender's funds must be its own monetary funds which belong to its legitimate income, and it is forbidden to absorb other people's funds and transfer them. 3. The illegal financial institutions mentioned in the measures for banning illegal financial institutions and illegal financial business activities (Decree No. 247 of the State Council of the people's Republic of China) refer to those established without the approval of the people's Bank of China, which are engaged in or mainly engaged in deposit taking, loan granting, settlement, bill discounting, fund lending, trust investment, financial leasing, financing guarantee, etc Institutions engaged in foreign exchange trading and other financial business activities. 4. Article 22 If an illegal financial institution is established or engaged in illegal financial business activities, which constitutes a crime, criminal responsibility shall be investigated according to law; If the case does not constitute a crime, the people's Bank of China shall confiscate the illegal gains and impose a fine of not less than one time but not more than five times the illegal gains; If there is no illegal income, a fine of not less than 100000 yuan but not more than 500000 yuan shall be imposed. 5. Article 61 of the general rules of the people's Bank of China on loans: If enterprises handle loans or loans in disguised form without authorization, the people's Bank of China shall impose a fine of more than one time to less than five times of the income of the borrower in violation of the regulations, and the people's Bank of China shall ban it. 6. According to Article 175 of the criminal law, whoever, for the purpose of making profits by transferring loans to other people, swindles the credit funds of financial institutions at a high profit and transfers them to others, if the amount of illegal gains is relatively large, shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also be fined not less than one time but not more than five times the illegal gains; If the amount is huge, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than seven years and shall also have illegal income. 7. According to Article 176 of the criminal law, anyone who illegally absorbs public deposits or absorbs public deposits in disguised form and disturbs financial order shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 20000 yuan but not more than 200000 yuan; If the amount is huge or if there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than 10 years and shall also be fined not less than 50000 yuan but not more than 500000 yuan. Where a unit commits the crime of illegally absorbing public deposits, it shall be fined, and the persons who are directly in charge and the other persons who are directly responsible for the crime shall be punished according to the legal punishment for crimes committed by natural persons< If the annual interest rate is less than 4 times of the legal interest rate, it shall be protected. If the annual interest rate is more than 4 times, it shall not be protected by law, but it shall not be punished. 2. According to the current law of our country, enterprises of non-financial institutions are not allowed to make loans. If there is a loan, the legal consequence is that the contract is invalid, the principal is returned, and the interest is theoretically confiscated and recovered by the state. Enterprises and indivials, as well as indivials and indivials are allowed to form a lending relationship, the interest shall not exceed four times the bank interest. 3. If an illegal financial institution is established, not only the interest will be confiscated, but also a fine will be imposed. 4. If the amount of the loan is large, the criminal responsibility shall be investigated for the crime of usury. 5. Those who illegally want to absorb savings from an unspecified majority and then loan at usury shall be investigated for criminal responsibility for the crime of illegally absorbing public deposits. 6. Now in judicial practice, there are many cases where usury is granted with self owned funds and criminal responsibility is investigated for the crime of illegal business operation. If so determined, then the principal is criminal funds, to be confiscated, but also a fine, and may be sentenced. In my opinion, this kind of punishment is heavier than the crime of refinancing, which is obviously too heavy. It violates the principle of logical interpretation of legal interpretation and the principle of a legally prescribed punishment for a specified crime, as well as the common sense
according to the "opinions on people's court hearing loan cases", the interest of the part of private loan that exceeds 4 times the bank loan interest rate is not protected by law. That is to say, in usury, the principal of the lender and the interest within 4 times of the bank interest rate are protected by law, and the interest beyond that is not protected
take the benchmark loan interest rate of 6% as an example, if it exceeds 24%, it is usury. If a lends the money to B at an annual interest rate of 40%, when B refuses to repay, the principal of a and the interest within 24% will be protected by law, and the court will judge B to repay, and the remaining interest rate of 16% will not be protected<
usury is not protected by law, but at present, no law stipulates that usury is a crime. It is generally believed that usury is a crime because violence and other illegal acts often occur in the process of collection.
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