Virtual currency exchange closed in India

1. Lack of supervision, illegal use, illegal fund-raising phenomenon! Currency not issued by the state is not legal tender!

2.

On the evening of September 14, bitcoin China's official website announced that according to the spirit of the document issued on September 4, bitcoin China digital asset trading platform stopped new user registration from September 14; On September 30, the digital asset trading platform will stop all trading business

except bitcoin China, the other two platforms have not released relevant announcements yet. In response to reporters, Huo coin said that it has not received any clear documents or notices about the content of news reports. Okcoin said that the official announcement of okcoin should be taken as the standard

virtual currency has a long way to go and needs further supervision

3. Hello,
I have encountered the same situation. How do you deal with it? Or shall we call the police together?

4.

There are two reasons for the prohibition of virtual currency trading by the state:

1. The price fluctuates violently and the consumer protection is lacking:

virtual currency is the proct of network, and the digital information flowing in the network is beyond everyone's control. The code of cyberspace is the basis of the operation of virtual currency, investors can only operate through the front-end interface, seemingly "control" the virtual currency. The operator of the virtual currency service organization may become the actual controller of the virtual currency through the control code

bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is full of speculative atmosphere, the price fluctuates violently, and investors blindly follow suit, which is easy to cause capital losses

2. Evade supervision and become the "accomplice" of criminal activities:

bitcoin is popular as a payment tool in the so-called "dark web" world“ The "dark net" is full of all kinds of serious criminal activities. One of the original intentions of the invention of bitcoin is to evade regulation. It has the characteristics of anonymity and convenient cross-border flow, and has become the preferred tool of "underground economy"

the existence of bitcoin and exchanges and other instrial chains has constructed a illegal financial market for asset transfer and financing in addition to legal currency, increased the difficulty of regulatory authorities in managing financial security and stability, and promoted regulatory arbitrage and financial crimes. The risks and social security risks it brings to the financial market are far higher than its innovative value

extended information

virtual currency transactions are not protected by law:

according to the notice on preventing bitcoin risks issued by the people's Bank of China and other departments on December 3, 2013 and the announcement on preventing financing risks of token issuance issued by seven ministries and commissions including the people's Bank of China on September 4, 2017, virtual currency is not issued by monetary authorities, It is not a real currency because it does not have the monetary attributes of legal compensation and compulsion

in terms of nature, virtual currency should be a specific virtual commodity, which does not have the same legal status as currency, and can not and should not be used as currency in the market. Although citizens' investment and trading in other virtual currencies are personal freedom, they can not be protected by law

5. Australia
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.

6.

I will. If the digital trading exchange suddenly closes, then all the currencies inside will be gone

digital currency will appreciate with the increase of the number of participants in the scam. In the cycle of digital currency appreciation, the number of participants who can obtain digital currency will also increase, and the participants, including the lowest level participants, will also gain. However, when they enter the cycle of devaluation, the bottom level participants often lose a lot

in 2017, the Internet Finance Association of Jiangsu Province issued the "internet pyramid selling identification guide", which named 26 so-called digital currencies as illegal pyramid selling projects covered or suspected to be covered with digital currency

extended data:

distinguish whether digital currency is MLM currency:

issuing method

virtual currency does not rely on specific monetary institutions. It is proced according to specific algorithms and through a large number of calculations. It is a decentralized issuing method. Each different terminal node is responsible for maintaining the same account book, and the maintenance process is mainly to package and encrypt the transaction information by the algorithm, while the MLM currency is mainly issued by a certain organization, and the profit is made by pulling the head

7.

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:

8. It is not clear whether Licang business incubation base is run by Licang District government or by indivials. The person in charge of the base is Qing Yuandi Enterprise Management Consulting Co., Ltd. The couple set up a company, one responsible for pulling business, one responsible for collecting money. It's rubbish. Arbitrary charges. It's all big deception. It's OK for you to charge indiscriminately and do things well. It can also give people comfort. I really don't know what the relevant leaders of Licang District do. It's a good project to set up a business base to help college students start their own businesses. It's really good. How can we charge indiscriminately? Why don't people in other districts like this? Has the Qing government designated Licang as a special zone? Is it dereliction of ty or an accomplice in a pair of pants? Encourage entrepreneurs to get a detailed understanding of the companies that used to settle in the base before they settle in. Don't do things you regret. Now we have a second phase of Longtai, which is cheating on investment promotion. Please shine your eyes. It's not easy to start a business. I wish you all success and prosperity!

9. (a+b)+c=a+(b+c)