Latest Bitcoin News in China

Contents

A. Is Bitcoin legal in China?

At present, there is no clear statement about Bitcoin, and there is no legality for the time being.

B. Ranking of Chinese Bitcoin bigwigs

1. Li Xiaolai. According to previous news reports, Li Xiaolai holds 600 million yuan in bitcoin on Binance exchange. According to the 15-fold increase in Li Xiaolai’s wealth, his wealth reached 9 billion yuan. Li Xiaolai used to be an ordinary teacher of New Oriental. He invested in Bitcoin in the early days and established China’s status as the richest person in Bitcoin in one breath.
2, Yang Yaorui. His way of making a fortune was selling mining machines, and later he formed the ASICME team. He also participated in mining. He started mining in 2013, when Bitcoin was still easy to mine. Right now, the exact wealth is unknown.
3, Pumpkin Zhang (nickname). The 3rd person is very mysterious and no one knows his name. He invented the mining machine exclusive chip Avalon. Its position in the field of Chinese mining machine chips is unparalleled.
4. Roast cat. It’s not someone’s name, it’s the mining team’s name. In fact, this is the largest mining farm in the world, with computing power reaching one-third of the world’s computing power. Roast Cat is now a group company. The largest shareholder is “Shenzhen Bit Spring Company”, and its information is also difficult to find on the Internet.
Expansion information:
1. Development purpose: During the war, the military expenditure was huge, and in the absence of other financing methods, it was to raise funds through the issuance of war treasury bonds. Issuing war national debt is a common method used by governments in wartime, and it is also the first origin of national debt. Generally speaking, balancing fiscal revenue and expenditure can be done by increasing taxes, issuing more currency or issuing government bonds. Comparing the above three methods, increasing tax is the practice of taking what is used by the people for the people. It is a good method, but there is a certain limit to increasing tax. If the tax is too heavy and exceeds the ability of enterprises and individuals, it will not be Conducive to the development of production, and will affect future tax revenue.
2. Method: It is the most convenient way to issue additional currency, but this method is the least desirable, because the use of additional currency issuance to make up for the fiscal deficit will lead to severe inflation, which has the most severe impact on the economy. Under the circumstance that it is difficult to raise taxes and cannot issue additional currency, it is still a feasible measure to use the method of issuing government bonds to make up for the fiscal deficit. By issuing bonds, the government can absorb the idle funds of units and individuals to help the country overcome financial difficulties. However, the issuance of deficit treasury bonds must be moderate, otherwise serious deflation will also occur.

C. 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 issued by the Bank of China Legal currency, it belongs to virtual digital currency, although China has no clear legal basis to prove that bitcoin is legal or illegal, but Chinese laws and regulations do not support the public trading of bitcoin.”
According to the “On The “Notice on Preventing Bitcoin Risks” stipulates:
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. my country only suspends the exchange of bitcoins, and does not declare that holding and trading bitcoins over the counter is illegal. 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 trading, but financial institutions cannot participate. China does not have it. Policies like “Bitcoin is illegal.” Seven ministries and commissions documents in 2017, compared with �Coins don’t matter. 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, only two words appeared in all speeches, “research”, not “supervision”, which has changed a lot. At the same time, the National Development and Reform Commission also deleted the digital currency mining that was originally planned to be included in the “elimination category”. “
According to the government’s latest attitude on Bitcoin in 2013: Bitcoin belongs to the user’s private virtual assets, so it actually means legal protection, which can also be reflected from the actual cases in our country: 2018 A Chinese court in 2009 recently ordered a company to pay back stolen cryptocurrencies in a civil dispute, setting a legal precedent for a cryptocurrency-related disagreement. The Shenzhen court also affirmed that cryptocurrencies have economic value in a civil dispute.
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 have passed After the verification of foreign users and regulations, it is recommended to go to a leading exchange like ZBZB to buy in order to prevent the loss of your own funds.

D. Has Bitcoin gone down in mainland China

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It’s impossible to talk about decline, but it’s true that Bitcoin is not as popular as it used to be. Bitcoin has been in decline since 12.5 at the end of 2013. During this period, some very nonsense things happened, the world’s largest bitcoin 600,000 bitcoins were stolen from Mentougou, a currency trading platform. The US government auctioned bitcoins obtained from the Silk Road many times. Although bitcoins gained more attention and recognition in 2014, the scale and scope of financing have been studied. It has increased exponentially, but there was no Bitcoin killer application in 2014, and the price of Bitcoin continued to fall, once falling below the 1,000 yuan mark.

Since 2015, the price of Bitcoin The price is even more appalling. First of all, one of the world’s largest bitcoin trading platforms has stolen $5 million in bitcoins. During the Spring Festival, the well-known Chinese bitcoin company Biter and bitcoin piggy bank revealed that a total of 10,000 bitcoins were stolen. Multiple coins. China’s bitcoin circle is shrouded in a dark cloud, the security of bitcoin has once again attracted everyone’s attention, confidence in bitcoin is also disappearing little by little, and some big V in the bitcoin circle also began to react Water.

In 2015, may it be a turning point for Bitcoin, or die or fire? Bitcoin has more analysis articles.

E. The four richest people in China’s Bitcoin

Li Xiaolai “The first one is called Li Xiaolai, the richest person in China’s Bitcoin, with a value of 600 million RMB.” He told the news reporter that Li Xiaolai is a former New Oriental teacher, mainly engaged in project investment and institutional product development “mining” It was previously turned off due to the high power consumption of mining coins.
Yang Yaorui The second is Yang Yaorui, the founder of Mobile Renren. The main parameters of the mining machine, a recommended mining machine with a market price of 3,000 yuan, according to the current Bitcoin mining rate, can be profitable in 30 days.
The third “Pumpkin Zhang” is very mysterious, so far No one knows his real name, only outside No. “Pumpkin Zhang”, but his work is particularly important in the entire Bitcoin industry chain in my country. Because he gives the mining machine an exclusive integrated ic “Avalon”, the integrated ic of Yang Yaorui’s mining machine weapons and equipment is “Avalon” “. Long Yujiang told reporters that at this stage, there are four major mining machine integrated IC manufacturers in the world, all three of which are overseas, and do not open the market for sales, but only provide their own mining group weapons and equipment, so “Winter Melon Zhang” in my country influence is unique.
The name of the fourth top player in “Roast Cat” is “Roast Cat”. This is not a nickname of a certain person, but the name of a ore group. It is the largest ore group in the world. %. Today, “Roast Cat” is a joint-stock company, and the shareholders of the larger company and the founding elite team are called “Shenzhen Pitbull Spring Enterprise”. This company is also very secretive, and journalists can’t find detailed introductions anywhere on the Internet.
Extension information: 1. Bitcoin was worthless when it came out in 2009. One dollar can buy dozens of Bitcoins. Although many people also bought Bitcoins at that time, they were basically used as “memorial” It’s not easy to play with things”. However, when a male teacher named Li Xiaolai happened, Bitcoin gradually changed.
2. Compared with others, Li Xiaolai attaches great importance to Bitcoin, and even purchased several times in order to achieve a total of 100,000 Bitcoins. Li Xiaolai’s behavior immediately aroused the concern of netizens, and many people made fun of him as a “two fool”, feeling that his personal behavior was unreasonable, and he was not in line with his teacher’s post.Totally inappropriate. Little did he know that Li Xiaolai didn’t care about the ridicule of netizens, and even called himself “my country’s Bitcoin rich man”. As a Bitcoin rich man in my country, Li Xiaolai has never disclosed his wealth to the outside world, but according to the approximate exchange ratio, Li Xiaolai’s net worth is about 38 billion yuan, and he is a billionaire.

F. Is Bitcoin legal in China?

Bitcoin is not legal in China.
According to the “Notice on Preventing Bitcoin Risks” issued by the People’s Bank of China on December 5, 2013: Bitcoin has four main features: no centralized issuer, limited total volume, no geographical restrictions and anonymity. Features. 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.
(6) Extended reading of the latest news on Bitcoin in China:
Bitcoin is a virtual encrypted digital currency in the form of P2P. Peer-to-peer transmission means a decentralized payment system. Unlike all currencies, Bitcoin is not issued by a specific currency institution. It is generated by a large number of calculations based on a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transactions. And use the design of cryptography to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be artificially manipulated by mass-producing Bitcoin. The cryptography-based design allows Bitcoin to be transferred or paid only by the true owner. This also ensures the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that its total amount is very limited and it has scarcity.
Bitcoin crossed $60,000 on March 13, 2021. In June, El Salvador became the first country in the world to grant legal status to a digital currency, where bitcoin became legal tender.

G. Is bitcoin legal in China?

Although bitcoin still has great risks, after years of development, With the increase of its application population, the increase of application scenarios, and the enhancement of application technology, no country or organization can completely eliminate it. If everyone can understand, it is very likely that countries will generally accept Bitcoin and embrace Bitcoin.

In my personal judgment, after a period of continuous development, Bitcoin is likely to become a world currency in the future, and can play the role of electronic gold and become the target of the value of other sovereign currencies. From this point of view, Bitcoin can be used as a means of asset preservation in a future where inflation is inevitable in various currencies.

H. Can Chinese people still trade bitcoin in 2022?

Abstract Chinese people can buy bitcoin. At present, there are several ways for Chinese to buy bitcoin:

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