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When will bitcoin be banned in China

Publish: 2021-05-12 15:15:54
1.

Prior to that, the regulatory authorities decided to close the exchanges of virtual currency in China. On September 14, regulatory rumors finally came to the ground. Just now, bitcoin China, one of China's three major virtual currency trading platforms, announced that bitcoin China would stop all trading business on September 30

according to public information, bitcoin China is the longest operating bitcoin trading platform in China, which was established on June 9, 2011. Affected by the news, bitcoin, lightcoin and Ethereum all fell sharply

2. Recently, the China Internet Finance Association issued the "tips on preventing the risks of bitcoin and other so-called" virtual currencies ", pointing out that bitcoin trading platform is a tool for money laundering, drug trafficking, smuggling, illegal fund-raising and other illegal and criminal activities e to the expanding number of stakeholders and strong speculative atmosphere; There is no legal basis for the establishment of various so-called "currency" trading platforms in China
at the same time, the price of bitcoin dropped from a high level. Since bitcoin China announced it would stop trading at the end of this month, the price of bitcoin has dropped 11.3% to $3426.92, Reuters reported. This is also bitcoin's seven consecutive days of decline, becoming its longest decline in a year.
3.

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

< H2 > extended materials < H2 >

"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

4.

On October 10, bitcoin China, one of the three major bitcoin exchanges in China, announced on its official wechat account that it would stop the cash withdrawal business at 12:00 noon on October 30, Beijing time, and ask users to reflect it as soon as possible

bitcoin China has previously turned off the digital assets and RMB recharge function at 12:00 noon on September 27, and turned off all trading functions at 12:00 noon on September 30. The other two big bitcoin exchanges in China, Huo coin.com and okcoin.com, which are headquartered in Beijing, will stop trading all digital assets into RMB before October 31, and the work of clearing their funds and assets is also in progress

5. Bitcoin, on the other hand, is not. Just on the issue of positioning, it is not clear at present. Therefore, there are huge challenges in the supervision of bitcoin transactions.
6. Bitcoin is just a string of code generated by a program developed by two Americans, rather than hard currency like physical gold and silver. You may say that it has value. In fact, its value is only for the insiders who play the game. It has no value for stores, enterprises and even the old man who sells vegetables. Maybe you see a lot of appearances, and many people are eager to invest in it. Do you notice that its price fluctuates very strongly, often dozens to thousands of pieces. If it is really valuable, it will fluctuate so much? You think 2000 yuan washing machine is not easy to sell, will 20 yuan to sell to you? If you can find something similar to it in history, I'm afraid it's the gold coupons issued by the Kuomintang ring the war of liberation. Use a pile of paper for your real gold and silver! Don't believe those sophistry. They say that they are valuable and can be invested like stocks. It's pure money!
7. Bitcoin is a virtual currency
investment risk is great
it is basically a black market transaction
not advocated by the state
at the same time, there is no way to ban it.
8. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance. Bitcoin is not currently functioning as a trading medium in China, and the rapid rise in current prices has created speculative expectations and may form bubbles in the future. Therefore, it is necessary to take measures in advance.
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