Bitcoin is not recognized in China
although bitcoin still has great risks, after years of development, with the increase of its application population, application scenarios and application technology, no country or organization can completely eliminate it. If you can figure it out, it is likely that countries will generally accept bitcoin and embrace it
according to my personal judgment, bitcoin, after a period of continuous development, is likely to become a world currency in the future, which can play the role of electronic gold and become the target of the value of other sovereign currencies. From this perspective, bitcoin can be used as a means of asset preservation in the future when inflation is inevitable
bitcoin lacks stability, so it doesn't have "inherent value", it's just a virtual proct. If we recognize its legitimacy, it will have a significant adverse impact on the banks of all countries, and even can replace the currencies of all countries. Finally, a few people will manipulate the world's monetary system, which is a very dangerous existence. It's not money. Whether it's legal or not depends entirely on whether a country recognizes it as legal or not< At present, the United States, China and South Korea all think it is not a currency. Among the big countries, bitcoin is only recognized as the "unit of account" by the German Ministry of finance, but it is only a unit of account, which does not mean that it is mainly a currency.
There is no law in China to ban bitcoin, so it is not illegal to mine and earn bitcoin
it is not illegal to buy bitcoin in China. In 2013, five ministries and commissions jointly issued the bitcoin risk notice, which states that although bitcoin does not belong to legal tender and is not legally compulsory, people can freely participate in bitcoin trading activities when they voluntarily undertake risks
"notice" clearly defines the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and mandatory, and is not a real currency. In terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market
however, as a kind of commodity trading on the Internet, ordinary people have the freedom to participate in bitcoin trading at their own risk
the notice requires that at this stage, financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin in the scope of insurance liability, and provide other bitcoin related services to customers directly or indirectly, Including: providing bitcoin registration, trading, clearing, settlement and other services for customers; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services; Issuing financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc
in order to avoid over hype of virtual commodities such as bitcoin in the name of "virtual currency" and damage the public interest and the legal tender status of RMB, the circular requires financial institutions and Payment institutions to correctly use the concept of currency in their daily work, pay attention to strengthening the ecation of the public's knowledge of currency, and correctly understand the concept of currency The concept of correctly treating virtual commodity and virtual currency, rational investment, reasonable control of investment risk, and maintenance of their own property security should be included in the content of financial knowledge popularization activities, so as to guide the public to establish a correct concept of currency and investment
source of reference: People's website bitcoin network virtual currency
is different from Alipay, WeChat and other electronic payment. digital currency is a brand new digital credit currency which is different from traditional credit currency. On the morning of September 9, Zhou Xiaochuan, President of the people's Bank of China, Yi Gang, vice president of the people's Bank of China, and pan Gongsheng, vice president and director of the State Administration of foreign exchange, answered questions from Chinese and foreign journalists on issues related to "financial reform and development.". In response to a question about digital currency, President Zhou Xiaochuan said that bitcoin and other virtual currencies have not been recognized as retail payment instruments, and the central bank does not accept or recognize relevant services at present. At the same time, he also pointed out that the central bank is cooperating with the market to develop digital currency
At the same time, Zhou Xiaochuan also pointed out that digital currency may have some unpredictable effects on financial stability and monetary policy transmission. Therefore, it needs dynamic regulatory measures. Jin Yu, director of the Department of economics, School of economics, Shanghai University of Finance and economics, once commented that "virtual currency" may not only hide the grey transaction or even the black transaction, but also cause all kinds of risks, "crowd out" the real financial innovation, which is not concive to the sustainable and healthy development of Internet financeOn the afternoon of December 5, 2013, the people's Bank of China issued the notice on preventing bitcoin risks. In the notice, the people's Bank of China said that bitcoin is not a currency, but a virtual commodity. Financial institutions and Payment institutions are not allowed to carry out business related to bitcoin. As soon as the notice was issued, bitcoin fell sharply on China's trading platform, and it has dropped by 60% in three weeks. This is the beginning of bitcoin being restricted by the Central Bank of China. In mid March 2014, the people's Bank of China issued a notice on further strengthening bitcoin risk prevention to all branches of the people's Bank of China, which required all banks and third-party payment institutions to close the trading accounts of 15 domestic bitcoin platforms before April 15. This shows that it is illegal for financial institutions in China to open trading accounts for bitcoin website platforms. Except for cash transactions, bitcoin investors can not conct bank transfer and third-party payment for transactions in China< br />
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