Home Blockchain News Hong Kong Bitcoin Traders Guilty of ‘Unfair’ Mining Sales Face 5-Yr Prison Term

Hong Kong Bitcoin Traders Guilty of ‘Unfair’ Mining Sales Face 5-Yr Prison Term

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By CCN.com: Hong Kong’s Secretary for Financial Services and the Treasury, James Lau, has clarified to the city-state’s Legislative Council that commercial transactions relating to Bitcoin mining devices are protected under the Trade Descriptions Ordinance. Consequently, bitcoin traders who engage in unfair trade practices with regards to bitcoin mining hardware face a five-year jail sentence. A maximum fine of 0.5 million Hong Kong dollars is also applicable. Some of the unfair trade practices which were listed by Lau include ‘false trade descriptions’ and ‘bait advertising’. Others include ‘misleading omission’, ‘aggressive commercial practices’, ‘bait-and-switch’ as well as ‘wrongly accepting payment’. Who

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* First published on ccn.com

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