03 JUN

Virtual currency exchanges banned by law, what's the future of BTC?

Life Style
Gina
Jun 20,2022
53

On the 14th, First Financial News said Lok Ma Chau Spur line that the regulator has confirmed that all Chinese virtual currency exchanges will be shut down and rectified, plus the exclusive information reported by Caixin last week, to see that China's virtual currency exchanges are sitting on a lost opportunity. As a result of this information, the price of digital currencies on China's three major exchanges is once again pole-vaulting.

In fact, on September 13, China's work visa application hong kong Financial Internet Research Society also issued a text reminding the riskiness of virtual currency trading, focusing on the fact that "BTC and other so-called "digital currencies" lack clear meaning basic, the sales market speculative atmosphere deep, ... ...investors need to strengthen the concept of risk control" and called on vip member organizations to "not participate in all centralized trading related to the said "digital currency" or give service items for such trading ".

Whether it is the legal banning of create bitcoin account trading centres or the reminder of the riskiness to shareholders, the control of digital currencies such as BTC has once again been put under the spotlight, and a lot of analysis has been carried out, see my recent article "New Bitcoin Regulation Coming? We may need some differentiated thinking", "A nagging question: does bitcoin actually have value? , and here's an easy way to fill in another sentence or two.

In fact, in terms of content alone, the Mutual Funds Association's advocacy is in line with the spirit of the "Notice on Preventing Bitcoin Risks" published by the People's Bank of China and five other ministries in late 2013, which still does not recognise the "payment" nature of digital currencies, prohibits financial enterprises from giving financial support to virtual currency transactions, and reminds investors to The Notice is still in the same spirit of not recognising the "payment" nature of digital currencies, prohibiting financial companies from giving financial support to virtual currency transactions, and reminding investors of the risks involved.

In terms of the level of control, the perception of BTC in China remains largely consistent with that of major international countries, and ultimately, only a very small number of countries have so far recognised the payment nature of the virtual currency. China has not denied the investment product nature of BTC, despite the recent tightening of Bitcoin regulations.

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