Blockchain technology is not recognized in China

1. Legally, China only has restrictions on the issuance and speculation of currency in the blockchain, because a large amount of black money in China, such as those of corrupt officials, will be illegally obtained overseas by means of digital currency. If the blockchain digital currency is opened up and traded casually, it is estimated that China can not control the outflow of black money. Now the law encourages blockchain. In addition to legal currency, China encourages and supports other blockchain technologies.

2.

As of May 2020, blockchain and digital currency are illegal in China

according to the announcement of the people's Bank of China Central Network Information Office, Ministry of instry and information technology, State Administration for Instry and commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on preventing the risks of token issuance and financing, Article 2 no organization or indivial shall illegally engage in token issuance and financing activities. Organizations and indivials that have completed the token issuance and financing should make arrangements such as refund, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects

Article 3 strengthen the management of token financing trading platform

from the date of this announcement, any so-called token financing trading platform shall not engage in the exchange business between legal currency and token and "virtual currency", and shall not buy or sell token or "virtual currency" as a central counter party, and shall not provide pricing for token or "virtual currency" Information intermediary and other services

extension data

"illegal financial institutions and illegal financial business activities ban" stipulates that:

eleventh, the criminal suspect, funds and property involved in illegal financial institutions and illegal financial activities, and the public security organs shall take compulsory measures according to law to prevent suspect from escaping and transferring funds and property. p>

Article 12 the people's Bank of China shall, after investigation and confirmation, make a decision to ban the illegal financial institutions and financial business activities, declare them illegal, order them to stop all business activities, and make an announcement

Article 13 if the people's Bank of China discovers that a financial institution opens an account, handles settlement and provides loans for an illegal financial institution or illegal financial business activities, it shall order the financial institution to stop the relevant business activities immediately. No unit or indivial may use the relevant funds without authorization

4. Now it has entered the era of digital currency. In recent years, digital currency is very popular. For example, blockchain is the focus of people's attention. Now more and more people begin to pay attention to blockchain. Many people are concerned about blockchain's entry into China's market. Domestic policies have not explained blockchain in detail. Many people are worried about whether blockchain is legal? Is blockchain legal in China? Xiaobian, let's explain the blockchain in detail

on April 9, 2017, Hangzhou municipal government and a company jointly set up a $10 billion xiongan global blockchain innovation fund, which can promote the development of blockchain projects. This initiative has also attracted the attention of many relevant financial people. At present, Hangzhou blockchain Instrial Park is one of the important initiatives funded and developed by the municipal government, I believe this case has also become one of the representative cases in China. Since then, more and more blockchains have developed all over the country<

at present, China has a new understanding of digital currency, analyzing the value of digital currency in essence, and relevant departments are also actively participating in the corresponding research. The central bank has set up a special research group and digital currency Research Institute, hoping to further explore the digitalization of sovereign currency. From the side, it can be seen that China has a positive attitude towards blockchain technology, and the Chinese government has repeatedly stressed the important role of blockchain technology in reshaping the global financial pattern

with the development of global economy, the Chinese government has realized the commercial development of domestic blockchain projects. From the blockchain projects invested by Hangzhou municipal government, it can be seen that more and more provinces will start to carry out blockchain projects in the future, which can promote the development of local economy

is blockchain legal in China? At present, the Chinese government is actively studying blockchain, and has carried out blockchain related projects in some provinces. Through the above introction, I believe that people should have a certain understanding of the blockchain. I believe that in the near future, there will be more and more blockchain projects, which can promote the development of domestic economy and enable more and more people to get more wealth from blockchain projects.

5. Mainly depends on the operation content and project
the application of blockchain technology itself is not illegal. At present, ant financial services, Tencent and network all have blockchain technology support

6. How much do you know about blockchain. And a scam. Go to the Internet to see if it is recognized. Don't be silly, some people earn a lot of money, you still doubt. The emergence of a new thing is not to believe, but to understand

at the beginning, some people said that mobile phones could make a long-distance call. Did you also say that it was impossible

7. It's not that there's no fire, it's that ordinary people don't know much about blockchain technology, and blockchain technology is not without fire. Take chestnut as an example, the first project launched by blockchain start-up company Abbott Financial Technology Co., Ltd. is concentric mutual aid. The goal is to continuously promote the application and development of blockchain technology in China from the perspective of network mutual aid. As the first real blockchain landing application in China, concentric mutual aid combines open source code with practical application, and realizes the deep matching between blockchain technology and network mutual aid
compared with developed countries, China's insurance instry has developed for a short time, and the coverage rate of indemnificatory business, especially insurance types such as accident, serious illness, fixed life insurance and family property, is low, which makes it difficult for low indemnificatory and special groups to seek risk protection procts. In this reality, as a supplement of social security and commercial insurance, network mutual assistance can provide a group heating option for the low security group, which has a positive insurance inclusive effect. Yang Yong said, "blockchain technology can be applied to all aspects of social innovation. Our vision is to provide low-cost and adequate personal and property protection for the people who need protection most in China, so that insurance can benefit the public. After that, we are willing to open up this technical solution, so that more fields can benefit from the popularization of blockchain technology. "

8. Since last year's speech, the development of China, especially blockchain + government affairs, has been particularly rapid. I believe that through the development of blockchain + government affairs to promote the popularity of blockchain, all kinds of fields are linked with blockchain and have practical application landing. At the same time, when there are practical social benefits, it means that China has entered the era of blockchain 3.0. Many blockchain + government applications in China, such as Changsha's SMIC blockchain public service platform, are actually the first blockchain 3.0 era to lead Changsha into. I believe there will be better and wider promotion in the future.

9. In the field of fintech abroad, some new concepts and expressions are emerging; At this time, a number of companies promoting the same concept and investors looking for opportunities will appear in the domestic Internet finance field. This time, will the concept of "blockchain" be a flash in the pan for domestic companies
according to the analysis of relevant people from the central bank's Americas representative office, from the perspective of practical progress, most of the applications of blockchain technology in commercial banks are still in the process of conception and testing, and there is still a long way to go for the application in life and proction, and there are also many difficulties in obtaining the approval of regulatory authorities and the market
some people in the instry pointed out that the development of blockchain technology in China is likely to be restricted by the current system, and the cost of integrating the technology into the existing system of banks is relatively high; At the technical level, blockchain still needs to solve many problems such as network security and capacity
at present, the government still supports digital currency. Since 2014, the central bank has set up a team dedicated to the study of digital currency, and made it clear at the digital currency seminar held in January this year that it would strive to launch the digital currency issued by the central bank as soon as possible
as for blockchain, in view of its complex technology and the scarcity of application scenarios, it is unclear whether it will develop smoothly in China in the future
China Post takes the lead in using blockchain technology in banking business; Yinying China takes the lead in introcing blockchain technology into crowdfunding instry.

10. Blockchain should be popular in China. I have also heard Zhai Shanying talk about blockchain technology. Blockchain can be said to be a comprehensive technology. Take the phenomenon of people touching porcelain for example, blockchain technology is to let everyone in the world understand the experience of touching porcelain. The emergence of a technology, there should be pros and cons, so do not blind everything, the market will give us the answer.