Financial News (Beijing reporter Jiang Fan Gaoping) News, the China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association have just issued the "Announcement on Preventing Speculative Risks in Virtual Currency Transactions" and reiterated that Bitcoin and other virtual currencies are a Specific virtual goods should not and cannot be used as currency in the market. At the same time, member units such as financial institutions and payment institutions are required not to carry out virtual currency-related businesses.
Many industry insiders told reporters from the Financial Associated Press that this "Announcement" is actually a restatement of relevant regulations previously issued by the central bank, but it was released at this time mainly because of the recent intense speculation in the virtual currency market, and the re-release is to warn investors. . The three major associations have spoken out again, which also means that the regulatory authorities' attitude towards strict restrictions on virtual currencies remains clear.
Curtail all types of transactions and “cut off” the domestic virtual currency transaction chain
The "Announcement" requires that financial institutions, payment institutions and other member units shall not use virtual currency to price products and services, shall not underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and shall not directly include virtual currency in insurance liability. scope. Or indirectly provide customers with other services related to virtual currency-related services.
The three associations further reiterated that the types of services that member institutions are not allowed to participate in include but are not limited to: providing customers with virtual currency registration, trading, clearing, settlement and other services; accepting virtual currency or using virtual currency as a payment and settlement tool; carrying out virtual currency and RMB, Foreign currency exchange services; carrying out storage, custody, mortgage and other businesses of virtual currency; issuing financial products related to virtual currency; trusts, funds and other investments with virtual currency as the investment target, etc.
At the same time, the "Announcement" also requires financial institutions, payment institutions and other member units to effectively strengthen the supervision of virtual currency transaction funds, rely on the industry's self-discipline mechanism, strengthen risk information sharing, and improve the level of virtual currency transaction fund management. Joint prevention and control of industry risks; Internet platform enterprise members are not allowed to provide online business premises, commercial displays, marketing publicity, paid diversion and other services for virtual currency-related business activities. If clues to relevant problems are found, they should be reported to the relevant departments in a timely manner and technical support and assistance should be provided for relevant investigations and evidence collection.
Some insiders bluntly said that this is equivalent to reaffirming and "cutting off" the path for domestic funds to trade virtual currencies. Not only did it freeze capital accounts, it also "cut off" foreign exchange payment channels, making it impossible to complete virtual currency transactions in China.
In fact, the central bank and other ministries and commissions previously issued the "Notice on Preventing Bitcoin Risks" and the "Announcement on Preventing Token Issuance Financing Risks" in 2013 and 2017 respectively, clarifying that virtual currency trading and token issuance financing platforms are suspected of violating regulations. Illegal issuance of securities, illegal fund-raising, etc. At the same time, 211 domestic virtual currency trading platforms have been shut down. After multiple rounds of rectification, there are no relevant companies in the country.
Wang Pengbo, a senior analyst in the financial industry at Broadcom Consulting, said that the main reason why the central bank imposes restrictions on virtual currencies is that these virtual currencies are not currencies in nature and are not subject to supervision by various countries. They can easily become the hardest hit areas for black industries such as money laundering and illegal fund-raising. At the same time, once virtual currencies proliferate in the country, it may also have an impact on the legal tender status of the RMB.
Chen Bo, director of the Central Financial Digital Finance Research Center, said that judging from the "Announcement" issued by the three associations, Chinese regulatory agencies still do not allow virtual currencies to enter the Chinese market. In the future, regulatory restrictions on virtual currencies will continue, and there will still be some domestic restrictions. Virtual currency-related industries may also undergo further consolidation.
Curb speculation and prevent multiple risks caused by currency speculation
Several experts interviewed said that the three major associations chose this time to issue an "Announcement" to reiterate the risks of virtual currency speculation, mainly in response to the recent surge in virtual currency prices. Since the beginning of this year, virtual currency prices have skyrocketed and plummeted, and virtual currency transactions and speculation have rebounded, seriously infringing on people's property safety and disrupting normal economic and financial order.
Cryptocurrencies have been on another roller coaster ride recently. On May 16, Tesla CEO Musk hinted on Twitter that he had sold his Bitcoin holdings. This hit the Bitcoin market, which plunged nearly 10%. But the next day, Musk replied on social media that "Tesla does not sell Bitcoin." Bitcoin prices rebounded quickly, jumping $2,000 in an hour.
Since this year, more and more international investment institutions have regarded Bitcoin and other virtual currencies as important investment assets, and international investment banks such as Goldman Sachs are also highly optimistic about the prices of Bitcoin and other virtual currencies. This also led to an increase in the price of Bitcoin.
Pan Helin, executive director of the Institute of Digital Economy at Zhongnan University of Economics and Law, said that some virtual currencies such as Bitcoin have been highly hyped recently, and their prices have also been pushed to very high levels. In a strong speculative atmosphere, the rise in virtual currency prices has also increased actual risks. At the same time, my country has always maintained high pressure on virtual currencies. Against this background, the issuance of this document is necessary.
"Ordinary investors should still maintain a sense of awe and not pursue profits at high levels. It is recommended that ordinary investors be cautious and decide on allocations based on their own preferences and financial resources." Pan Helin said that since this year, the amount of liquidation of investments in Bitcoin has not been It is small, so investors are advised not to invest with leverage.
In addition, the "Announcement" also reiterates that virtual currencies have no real value support and prices are easily manipulated. Related speculative trading activities involve multiple risks such as false asset risks, business failure risks, and investment speculation risks. "Judging from my country's current judicial practice, virtual currency trading contracts are not protected by law, and the consequences and losses caused by investment transactions are borne by the relevant parties themselves."
标签： #Currency #Virtual #Bit #Association #Hype
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