Has virtual money been banned
bitcoin is a kind of P2P digital currency
reasons for blocking:
1. Vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
The transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed The price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading4. The public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless
extended materials:
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software was designed and released, and the P2P network on it was constructed. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. The design based on cryptography can make bitcoin only be transferred or paid by the real owner
This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 millionbitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency
from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees
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
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.
With regard to the digital currency which has soared tens of thousands of times before, various policies and news are constantly emerging. Bitcoin fell from the highest point of 130000 to about 40000, and Shanzhai digital coin even fell to 99%. But Xiangge said that the transaction will not end, but there will be periodic fluctuations. In the news of China financial news network, I communicated with senior people in the currency circle for the first time. When the news is all over the place and people are in a panic, the more we need to listen to the ideas and opinions of professionals. My friend, a Xiong, CEO of digital exchange, has experienced the whole process of digital currency take-off, development and adjustment. His current project is digital currency trading platform and related intelligent investment consultant. His thoughts and opinions are summarized as follows:
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in 1997, Beijing Yuanzhou group was founded and became the leader of Beijing home decoration instry. After more than ten years of steady development, Yuanzhou has become a group home decoration enterprise integrating home design service, engineering design service, home experience store, home design / proct / service R & D and home proct proction
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Guangzhou Huangpu company of Guangdong Xingyi Decoration Group specializes in the decoration design and construction of homes, villas, office buildings, shops, hotels and hotels, as well as building materials, furniture and ornaments, cultural media and other instries
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On August 24 in Beijing, since September 4, 2017, the central bank and other seven ministries and commissions began to rectify the first issue of token (ICO) of blockchain projects, the relevant domestic virtual projects have been transferred to underground operation. Recently, Tencent has blocked more than 10 blocks of WeChat official account. Instry insiders believe that the massive title is aimed at the underground business
at the same time, the number owners who saw the news of permanent closure in the background were also shocked and puzzled
it is worth mentioning that the "fire coin network information" of fire coin group was also blocked
also said, "some chain numbers that are hatched by media and those popular science public numbers have almost avoided the minefields. From the official account information given by WeChat officials, I guess it is because these numbers have been identified as ICO." p>
on August 29, 2017, the people's Bank of China, through the office of the leading group for the special rectification of Internet financial risks, issued the notice on further carrying out the rectification of bitcoin and other virtual currency trading places, which incorporated the rectification of bitcoin and other virtual currency trading places into the special rectification of Internet financial risks
on September 4, 2017, the people's Bank of China and other seven ministries and commissions jointly issued the notice on preventing the financing risks of token issuance, which made it clear that the financing activities of token issuance were suspected of financial illegal and criminal activities, and required to clean up and rectify the financing activities of token issuance
this is called "94 storm" in the circle
and before WeChat prohibit some blocks from the media official account, some local financial offices have further drawn the boundaries between block chains and financial boundaries. p>
on August 17, the office of the leading group for financial and social risk prevention and control in Chaoyang District of Beijing issued the notice on banning virtual currency promotion activities to shopping malls, hotels, hotels and office buildings
Jiangsu provincial financial office comprehensively combed all kinds of financial risks in the province, sent letters to 13 municipal governments, prompted risks including specific risk points, and urged them to file and deal with them one by one. Virtual currency, ICO and campus loan are within the scope of regulation
In fact, after the "94" policy, a large number of trading platforms have moved overseas to avoid supervision and continue to "cut leeks". A group of blockchain "media" rooted in China has become a carnival place for blockchain"the blockchain instry is spoiled by some people who make a fool of it, which makes the reputation of the whole instry particularly bad, and makes people outside the instry feel like a bunch of swindlers when they hear about the blockchain." Liu Qin believes that the sudden closure of her own name is completely for those who "fool around"
in March this year, there was a scolding in the instry, which exposed the scam of most blockchains at that time, believing that "only speculation and deception can succeed". This war of abuse is also known as the first "cleaning" of blockchain
and now, who are the people who are fooling around? No one wants to be clear. In fact, a number of number owners have repeatedly refused to be interviewed by reporters from China news network because they "don't want to be in the limelight at this sensitive time."
they are worried that if they say something wrong, they will be the next one to be cleaned up
in the next step, relevant departments will further take targeted rectification measures to maintain financial order and social stability
specifically, the necessary control measures should be taken for 124 virtual currency trading platform websites whose servers are located abroad but actually provide trading services for domestic residents; We should strengthen the disposal of new websites and official account transactions such as ICO and virtual currency transactions. Starting from the payment and settlement end, we will continue to strengthen the efforts to clean up and rectify, and require the third-party payment institutions to strictly implement the requirement that they are not allowed to carry out business related to bitcoin and other virtual currencies
source: CNews
It is a virtual currency