May 28, 2020 new law virtual currency
On June 28, 2009, the Ministry of culture and the Ministry of Commerce jointly issued the "notice on strengthening the management of virtual currency in online games", which made it clear that virtual currency is expressed in the form of prepaid recharge card, prepaid amount or points of online games, but does not include game props obtained in game activities; Virtual currency shall not be used to pay for, purchase physical procts or exchange for any procts and services of other enterprises< The following is the full text of the Circular of the Ministry of culture and the Ministry of Commerce:
the Circular of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency in online games
the cultural departments (bureaus) and commercial departments (bureaus) of all provinces, autonomous regions and municipalities directly under the central government, the Cultural Bureau and commercial bureau of Xinjiang proction and Construction Corps, Beijing, Tianjin, Shanghai and Chongqing Ningxia Hui Autonomous Region Cultural market administrative law enforcement corps:
with the rapid development of online games, online game virtual currency is widely used in online game business services. The virtual currency of online games not only promotes the development of online game instry, but also brings new economic and social problems. Mainly reflected in: first, the lack of protection of user rights and interests; Second, market behavior lacks supervision; Third, the online game virtual currency in the use of disputes
in order to standardize the operation order of online game market, according to the spirit of Interim Provisions on Internet culture management, notice on Further Strengthening the management of Internet cafes and online games (Wen Shi Fa [2007] No. 10) and notice on standardizing the operation order of online games and banning the use of online game gambling (Gong Tong Zi [2007] No. 3), etc, With the consent of the people's Bank of China and other departments, the notice on strengthening the management of virtual currency of online games is as follows
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Some virtual currencies are illegal in China. Chinese laws prohibit virtual currencies. The only legal currency in China is RMB. Since the people's Republic of China issued RMB, it has lasted 71 years. With the development of economic construction and the needs of people's life, it has graally improved and improved. So far, it has issued five sets of RMB, forming a multi variety and multi series monetary system of paper money and metal money, ordinary commemorative money and precious metal commemorative money
except for 1,2,5 fen coins, the first, second and third sets of RMB have been withdrawn from circulation, and the fourth set of RMB has been suspended from circulation since May 1, 2018 (except 1 jiao, 5 jiao notes and 5 jiao, 1 yuan coins). The current circulation of RMB is mainly the fifth set of RMB issued in 1999
the people's Bank of China is scheled to issue the fifth set of RMB 50 yuan, 20 yuan, 10 yuan, 1 yuan banknotes and 1 yuan, 5 jiao, 1 jiao coins of the 2019 edition from August 30, 2019. The fifth set of RMB inherits the traditional experience of China's printing technology and draws lessons from the advanced technology of foreign banknote design, which has greatly improved its anti-counterfeiting performance and currency processing modernization
Chairman Mao Zedong's head portrait in the early days of the founding of the people's Republic of China is used on the front of each denomination currency, the famous Chinese flower pattern is used on the bottom, and the main scenery pattern on the back fully shows China's long history and magnificent mountains and rivers, and carries forward China's great national culture by selecting representative patterns with national characteristics
it's a model currency, and it's been a long time. Now it's a big risk
it's OK to make wool, but don't put money into it.
In 2020, the state's view on virtual currencies such as radar currency and bitcoin is to strengthen supervision and guard against derivative risks of virtual currency
in April 2020, the teleconference on the special rectification of Internet Finance and Internet lending risks held in China indicated that we should strengthen the monitoring of new risks in other fields, such as Internet asset management, virtual currency speculation, illegal foreign exchange trading, etc., establish a mechanism for rapid study, determination, disposition and strike, and always maintain a high-pressure situation to prevent recurrence
on May 1, 2020, the amendments to Japan's "capital settlement law" and "financial instruments and transactions law" officially came into effect to strengthen the supervision of users' funds of virtual currency exchanges and prevent fraud, theft and money laundering. Japan's move is representative, which shows that strengthening the supervision of virtual currency has become the consensus of major countries in the world
All governments have been keeping a high degree of vigilance against all kinds of risks that may be derived from the application of virtual currency, and find out the risk base of virtual currency through investigation, research and cooperation, so as to have a definite target in the regulatory actionat present, the regulatory directions of various countries mainly include clarifying the rules of virtual currency payment services, protecting the data security of consumers, regulating illegal financing activities, combating terrorist support, and strengthening the prior and in-process supervision of virtual currency through the promulgation of laws and regulations and regulatory guidelines
in March 2018, the British government set up the virtual currency task force to closely investigate and study the financial crimes, market integrity risks and financial stability risks that may be caused by virtual currency, and timely incorporate them into the regulatory system. In January 2019, Singapore passed the payment services act to regulate Singapore's virtual currency payment system and payment service providers
At the same time, the US House of Representatives passed the financial technology protection act, which will set up an independent financial technology working group to conct an independent investigation on organizations and personnel who use virtual currency to engage in illegal financing and terrorist activitiesin March 2020, the South Korean Congress passed the amendment to the specific financial transaction information act, which requires the South Korean virtual currency exchange to perform the anti money laundering obligation and register the real name of the transaction account, so as to strengthen the supervision of the transaction and deposit and withdrawal of the virtual currency account
On May 28, 2020, the interest rate of US dollar to RMB is
1 US dollar = 7.1503 RMB
1 RMB ≈ 0.1399 US dollar