Bank of China’s attitude towards Bitcoin

1. What impact will China CITIC Bank have on banning accounts from being used for bitcoin transactions?

I think the most direct impact is to cause panic in the market, because China CITIC Bank is not a small bank. Measures can trigger a chain reaction.

We can understand that, as a large commercial bank, after China CITIC Bank restricts the account to be used for Bitcoin transactions, the users of this account cannot use the account of China CITIC Bank for transactions. Although users can also use other bank accounts for transactions, the attitude of large banks towards Bitcoin will directly affect the price of Bitcoin.

I think there will be a chain reaction.

As I mentioned above, I don’t think large commercial banks will make hasty decisions, so CITIC Bank must have made such a measure after careful consideration. After CITIC Bank took restrictive measures, although it can only affect domestic users. But this measure will serve as an example for banks all over the world. If more banks prohibit accounts from being used for bitcoin transactions in the future, it is difficult to imagine that bitcoin’s market will continue to rise.

Finally, I advise everyone not to invest in Bitcoin easily.

2 What is the country’s current attitude towards Bitcoin? Is there any prospect for investment?

Now the central bank has come out to control it~ It should be a formality! I am still very strong in BTC, and it will definitely rise to 10,000 in the future. It is not a dream to rise to 10,000!

3 Why the People’s Bank of China does not block Bitcoin

There is no legal document or regulation to block Bitcoin in my country.
On December 5 last year, the central bank and other five ministries and commissions issued a notice on the risks of bitcoin, defining bitcoin as a special Internet commodity, denying its currency properties, but the premise that the public is at their own risk free trade. Most of the major countries in the world also take a cautious attitude towards bitcoin, and have different characterizations of bitcoin, but most countries define bitcoin as an asset.

⑷ What are the policies and regulations of the Central Bank of China on Bitcoin

Bitcoin trading is a commodity buying and selling behavior on the Internet, and ordinary people can participate in it at their own risk. freedom of.

⑸ Is bitcoin trading legal in China?

“Bitcoin is not legal in China, and there is no law in China to protect bitcoin transactions. Bitcoin is not legal tender issued by the Bank of China, it is It is a virtual digital currency. Although China has no clear legal basis to prove that Bitcoin is legal or illegal, Chinese laws and regulations do not support the public trading of Bitcoin.” “Notice”:
Bitcoin has four main characteristics: no centralized issuer, limited total amount, no geographical restrictions on use, and anonymity. Although Bitcoin is called “currency”, it is not a real currency because it is not issued by the monetary authority and does not have currency properties such as legal compensation and compulsion. In nature, Bitcoin should be a specific virtual commodity that does not have the same legal status as currency, and cannot and should not be used as currency in the market.
“Civil Code” Article 680 It is prohibited to lend at high interest, and the interest rate of borrowing shall not violate the relevant state regulations. If the loan contract does not stipulate the payment of interest, it shall be deemed that there is no interest. If the loan contract does not clearly stipulate the payment of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties’ transaction methods, transaction habits, market interest rates and other factors; loans between natural persons shall be deemed to have no interest.
There is no relevant law. Our country only suspends the exchange of bitcoin, and does not declare that it is illegal to hold and trade bitcoin over the counter. The origin of the birth of Bitcoin is that libertarians represented by Satoshi Nakamoto seek a way of transaction that is not bound by the central banking system. These people expect a monetary system with a higher degree of freedom. This time, Bitcoin is recognized as belonging to Digital assets can be used as delivery objects.
But according to domestic laws and regulations, Bitcoin does not have monetary functions, but this does not prevent it from being a digital asset and can be used as a delivery object. China has never had a “bitcoin illegal” policy.
Kong Jianping said: “Mainland China’s policy is generally to support technological innovation and prevent financial risks. In 2013, the five ministries and commissions document stated that Bitcoin is a virtual commodity, and ordinary people can freely participate in buying and selling, but financial institutions cannot participate. China does not have it. The policy of “Bitcoin is illegal”. The documents of the seven ministries and commissions in 2017 have nothing to do with Bitcoin. We found that in 2017, we saw that many leaders of the central bank spoke about the regulation of digital currency. After July 18, 2019, There are only two words in all speeches, “research”, not “supervision” anymore, and the changes are very big. At the same time, the National Development and Reform Commission also listed the original plan as “elimination of�� Directory “digital currency mining has also been deleted.”
According to the government’s latest attitude towards Bitcoin in 2013: Bitcoin is a user’s private virtual asset, so it actually means that it is protected by law, It can also be seen in actual cases in our country: in 2018, a Chinese court recently ordered a company to pay back stolen cryptocurrency in a civil dispute, setting a legal precedent for cryptocurrency-related disagreements. This court in Shenzhen is actually confirming that cryptocurrencies have economic value in civil disputes.
Of course, the platform you choose to buy Bitcoin is also very important, because this is an early market that is relatively unregulated or unlicensed, and you must choose an exchange with a relatively high degree of internationalization, because it also means that these exchanges After verification by foreign users and regulations, it is recommended to buy from a top exchange like ZBZB to prevent the loss of your own funds.

⑹ The People’s Bank of China is studying the regulation of bitcoin, will bitcoin become legal tender?

It is absolutely impossible.

You can imagine this picture: the payday is coming, and your cold wallet has received 0.05 bitcoins. According to the bitcoin of 60,000 US dollars, your monthly income is 3,000. USD, a total of 20,100 RMB! You’re glad, just when you were about to treat yourself to a big meal, bitcoin suddenly plummeted from $60,000 to $50,000, and it kept falling! ! Your 0.05 bitcoin is still so much, but your income is instantly reduced to 16,250, nearly 4,000 has evaporated, and not only that, the amount continues to decline at a visible rate! ! At this time, I am afraid that no one has the heart to invite a big meal, but nervously takes out his mobile phone and quickly sells the bitcoin! When the transaction is completed, 16,000 RMB is credited to your account, and you finally relax…

So why is Bitcoin easy to hide money and transfer assets? This is because of its design principles. Professional knowledge is too complicated. In short, Bitcoin is a code city that cannot be broken by hackers. All users who participate in Bitcoin trading in this city cannot trace their actual data through any technical means. Therefore, Bitcoin has become the government of various countries. The pure land of assets that can’t be controlled. In this city, your private property is always yours, and no one wants to take it away. If you forget your password, it will be miserable, because you don’t want to get yourself back. , it will be stored in this city forever. Therefore, due to the extreme security and privacy of Bitcoin, it is easy for private property to be completely freed from the control of sovereign countries. Therefore, it is reasonable for governments to study regulatory methods, because Bitcoin is the most powerful in history and can be used in the economy. against the enemies of the state.

⑺ Find relevant “Bitcoin” information on the Internet, discuss my country’s attitude towards Bitcoin, and why

In December 2013, the People’s Bank of China, Industry and Information The Ministry of Chemical Industry, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission have jointly issued the “People’s Bank of China Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission”. Notice on Preventing Bitcoin Risks” (Yin Fa [2013] No. 289), which is commonly known as the Chinese government’s joint announcement of five ministries and commissions on Bitcoin. The announcement clearly states that “Bitcoin trading is a commodity buying and selling behavior on the Internet, and ordinary people have the freedom to participate at their own risk.” This is an official Chinese document that clearly stipulates that the public has the right to hold and The freedom to buy and sell bitcoin is also an official qualitative document for bitcoin, which defines bitcoin as a “commodity”. Since 2013, the People’s Daily has published a total of 13 commentary articles on Bitcoin. Recent articles have called for the government to participate in supervision, and also affirmed the legal status of Bitcoin from the side.

How to earn bitcoin?

⑻ China CITIC Bank prohibits accounts from being used for bitcoin transactions, how much do you know about this currency

I can briefly talk about bitcoin through this question, but I am pessimistic about bitcoin The attitude is very similar to that of China CITIC Bank.

Bitcoin as we understand it is not a pure decentralized currency. Although Bitcoin has the attributes of decentralization, Bitcoin is manipulated by traditional currency, which means that investment in Bitcoin Just a trap.

Let me talk about the importance of this news first.

We need to know that all our banks did not make this decision before China CITIC Bank banned accounts from being used for bitcoin transactions, which means that now the banking industry is starting to deal with bitcoin, in this way To stabilize everyone’s investment sentiment and prevent everyone from making too crazy investments.select. Investing in Bitcoin can be regarded as the highest risk investment product, which is far more powerful than investing in funds or stocks.

For most ordinary investors, they are just the prey in this investment trap.

⑼ The Central Bank of China’s policies and regulations on Bitcoin

In order to protect the property rights and interests of the public, protect the legal tender status of the RMB, prevent money laundering risks, and maintain financial stability, the People’s Bank of China , Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission recently jointly issued the “People’s Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Notice of the Insurance Regulatory Commission on Preventing Bitcoin Risks (Yin Fa [2013] No. 289, hereinafter referred to as the “Notice”).

The “Notice” clarifies the nature of Bitcoin, and believes that Bitcoin is not issued by the monetary authority, does not have currency attributes such as legal compensation and mandatory, and is not a real currency. In nature, Bitcoin is a specific virtual commodity that does not have the same legal status as currency, and cannot and should not be used as currency in the market. However, Bitcoin trading is a commodity buying and selling behavior on the Internet, and ordinary people have the freedom to participate at their own risk.

The “Notice” requires that at this stage, financial institutions and payment institutions shall not price products or services with Bitcoin, shall not buy or sell Bitcoin or act as a central counterparty, and shall not underwrite Bitcoin-related insurance The business may include bitcoin in the insurance coverage, and shall not directly or indirectly provide customers with other bitcoin-related services, including: providing customers with bitcoin registration, trading, clearing, settlement and other services; accepting bitcoin or using bitcoin as Payment and settlement tools; develop bitcoin, RMB and foreign currency exchange services; carry out bitcoin storage, custody, mortgage and other businesses; issue bitcoin-related financial products; use bitcoin as investment targets for trusts, funds, etc.

The “Notice” stipulates that the Bitcoin Internet site, as the main Bitcoin trading platform, shall, in accordance with the “Telecommunication Regulations of the People’s Republic of China” and the “Administrative Measures for Internet Information Services”, be registered with the telecommunications management agency in accordance with the law. for the record. At the same time, in view of Bitcoin’s high risk of money laundering and the risk of being used by criminals, the “Notice” requires relevant institutions to effectively implement legal anti-money laundering such as customer identification and suspicious transaction reporting in accordance with the requirements of the Anti-Money Laundering Law of the People’s Republic of China Obligations to effectively prevent money laundering risks associated with Bitcoin.

In order to avoid excessive speculation in the name of “virtual currency” for virtual commodities such as Bitcoin, and damage the public interest and the legal tender status of the RMB, the “Notice” requires financial institutions and payment institutions in their daily work. Correctly use the concept of currency, pay attention to strengthening the education of currency knowledge to the public, and incorporate concepts such as a correct understanding of currency, a correct view of virtual commodities and virtual currency, rational investment, reasonable control of investment risks, and maintenance of their own property safety into the content of financial knowledge popularization activities. Guide the public to establish correct currency concepts and investment concepts.

In the future, the People’s Bank of China will continue to pay close attention to the trends and related risks of Bitcoin based on its own responsibilities. (End)

Bitcoin Home has an interpretation.

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