Bitcoin regulation in July
Publish: 2021-05-19 18:29:00
1. In order to protect the property rights and interests of the public, protect the legal tender status of RMB, prevent the risk of money laundering, and maintain financial stability, the people's Bank of China, the Ministry of instry and information technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and the Recently, China Insurance Regulatory Commission jointly issued the notice of the Ministry of instry and information technology of the people's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on the prevention of bitcoin risk (YF [2013] No. 289, hereinafter referred to as the "notice")
the notice defines the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and compulsion, and is not a real currency. In terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market. However, bitcoin trading as a commodity trading behavior on the Internet, ordinary people have the freedom to participate at their own risk
the notice requires that at this stage, all financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin into the scope of insurance liability, and provide other bitcoin related services to customers directly or indirectly, Including: providing bitcoin registration, trading, clearing, settlement and other services for customers; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services; Issuing financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc
according to the notice, the bitcoin Internet website, as the main trading platform of bitcoin, shall be filed with the telecommunications administration according to the provisions of the Telecommunications Regulations of the people's Republic of China and the measures for the administration of Internet information services. At the same time, in view of bitcoin's high risk of money laundering and being used by criminals, the notice requires relevant institutions to perform the legal anti money laundering obligations such as customer identification and suspicious transaction report in accordance with the anti money laundering law of the people's Republic of China, so as to effectively prevent the money laundering risks related to bitcoin
in order to avoid excessive speculation of virtual commodities such as bitcoin in the name of "virtual currency" and damage the public interest and the legal tender status of RMB, the circular requires financial institutions and Payment institutions to correctly use the concept of currency in their daily work, pay attention to strengthening the ecation of the public's knowledge of currency, and correctly understand the concept of currency The concept of correctly treating virtual commodity and virtual currency, rational investment, reasonable control of investment risk, and maintenance of their own property security should be included in the content of financial knowledge popularization activities, so as to guide the public to establish a correct concept of currency and investment
in the future, the people's Bank of China will continue to pay close attention to the trend and related risks of bitcoin based on its own responsibilities End)
bitcoin home has an interpretation.
the notice defines the nature of bitcoin, and holds that bitcoin is not issued by the monetary authority, has no monetary attributes such as legal compensation and compulsion, and is not a real currency. In terms of nature, bitcoin is a specific virtual commodity, which does not have the same legal status as currency and cannot and should not be used as currency in the market. However, bitcoin trading as a commodity trading behavior on the Internet, ordinary people have the freedom to participate at their own risk
the notice requires that at this stage, all financial institutions and Payment institutions shall not price procts or services with bitcoin, buy or sell bitcoin as a central counterparties, underwrite insurance business related to bitcoin or include bitcoin into the scope of insurance liability, and provide other bitcoin related services to customers directly or indirectly, Including: providing bitcoin registration, trading, clearing, settlement and other services for customers; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin and RMB and foreign currency exchange services; Carry out bitcoin storage, custody, mortgage and other services; Issuing financial procts related to bitcoin; Take bitcoin as the investment target of trust, fund, etc
according to the notice, the bitcoin Internet website, as the main trading platform of bitcoin, shall be filed with the telecommunications administration according to the provisions of the Telecommunications Regulations of the people's Republic of China and the measures for the administration of Internet information services. At the same time, in view of bitcoin's high risk of money laundering and being used by criminals, the notice requires relevant institutions to perform the legal anti money laundering obligations such as customer identification and suspicious transaction report in accordance with the anti money laundering law of the people's Republic of China, so as to effectively prevent the money laundering risks related to bitcoin
in order to avoid excessive speculation of virtual commodities such as bitcoin in the name of "virtual currency" and damage the public interest and the legal tender status of RMB, the circular requires financial institutions and Payment institutions to correctly use the concept of currency in their daily work, pay attention to strengthening the ecation of the public's knowledge of currency, and correctly understand the concept of currency The concept of correctly treating virtual commodity and virtual currency, rational investment, reasonable control of investment risk, and maintenance of their own property security should be included in the content of financial knowledge popularization activities, so as to guide the public to establish a correct concept of currency and investment
in the future, the people's Bank of China will continue to pay close attention to the trend and related risks of bitcoin based on its own responsibilities End)
bitcoin home has an interpretation.
2.
Bitcoin is a kind of P2P digital currency
reasons for blocking:
1. Vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
The transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed The price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading4. The public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless
extended materials:
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software was designed and released, and the P2P network on it was constructed. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. The design based on cryptography can make bitcoin only be transferred or paid by the real owner
This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 millionbitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency
from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees
3. Bitcoin can be regulated
however, it has not been fully and effectively regulated at present (as of March 6, 2019)
if we understand bitcoin as a kind of "currency", then it is equivalent to US dollars leaving the United States. Usually, after the US dollar leaves the United States, banks in other countries will help manage it. However, it is impossible to count the scattered us dollars that are neither in the United States nor in the hands of banks and other financial institutions. For example, in some areas of Africa where there are no banks, the US dollar is used
these scattered us dollars are equivalent to bitcoin
how to regulate these scattered us dollars
generally, in addition to controlling the issuance of US dollars, US dollar regulation also controls the circulation and usage ports. The Federal Reserve controls the number of new currencies issued each year according to the flow and damage of dollars abroad. At the same time, we should supervise the inflow and outflow of US dollars, so as to keep us dollars in an environment that can be roughly traced, so as to facilitate the issuers to count the total amount, so as to avoid excessive inflation or deflation
in fact, these scattered us dollars exist in some deregulated environments. Although they are out of control, they will not affect the overall economic situation
If anyone wants to influence the international economy through these scattered us dollars, then it must enter the existing regulatory system. In this way, these scattered dollars are regulated
for bitcoin, we can also learn from these forms of regulation
first of all, from the point of view of the issuing end, although the total number of bitcoin is now 21 million, it is also "set before" and cannot be changed
recently, it has been mentioned that the 21 million bitcoin limit should be abolished, which means that the issue of bitcoin is not stable. Therefore, it is necessary to control the issuance of bitcoin from the development end
you need to get inside the development side and become a core developer
Second, monitoring from the circulation link. In fact, this is the most difficult monitoring at present, because the blockchain is anonymous, the user is anonymous, and the receiver is anonymous
even though we can trace the circulation path of bitcoin by technical means (for example, we can know that a transaction is sent from a small house in the United States to a commercial building in Germany), it is only a drop in the bucket for tens of millions of users in the whole environment. How to trace and manage the overall transaction data is a huge problem
you can't know from the transaction data whether the user is engaged in illegal transactions
what should we do? Regulators have come up with a way to bind personal identity information to the user's real name, your exchange account number and bitcoin wallet address. But this is also a temporary solution, because it can only monitor the use of bitcoin in specific situations. An indivial can use multiple bitcoin wallet addresses. You don't know when he will apply for a new one
in terms of circulation, there is also a monitoring system to control the exchange channel between bitcoin and local legal currency. Banks in some regions do not provide financial services for users who exchange bitcoin for legal currency, and some countries and regions prohibit financial institutions from providing bitcoin and local legal currency exchange services
if users secretly exchange huge amounts of bitcoin, some clues can be found through the bank transfer records, so as to crack down on illegal acts in time. As for those who make little trouble, let him go
thirdly, restrict the use. This is relatively easy to achieve. For example, relevant laws have been issued to prohibit the use of bitcoin transactions. Although it's impossible to ban it completely, it's better than letting it run wild All over the world, it seems that what is forbidden is not completely forbidden
for example, before using bitcoin in public, you must use your real name, and you have to pay taxes to hold or use bitcoin
of course, it's OK for users not to do so, so it's better to use its assets in the dark
having said so much, now you know that bitcoin can be regulated, but it's not so well managed. Many measures have been taken, and it seems that they are not effectively regulated. Under what circumstances can bitcoin be effectively regulated? Users consciously report their holdings of bitcoin to the regulatory authorities. The regulatory authorities add some development functions to the bitcoin to achieve supervision, or they don't need to use it, so it doesn't matter at all
in fact, it can't be controlled so strictly, as long as it can't be controlled in the range of big waves. After all, there is light and dark, and there may be no gray space at all
new technology will surely have an advantage when it comes to living now.
however, it has not been fully and effectively regulated at present (as of March 6, 2019)
if we understand bitcoin as a kind of "currency", then it is equivalent to US dollars leaving the United States. Usually, after the US dollar leaves the United States, banks in other countries will help manage it. However, it is impossible to count the scattered us dollars that are neither in the United States nor in the hands of banks and other financial institutions. For example, in some areas of Africa where there are no banks, the US dollar is used
these scattered us dollars are equivalent to bitcoin
how to regulate these scattered us dollars
generally, in addition to controlling the issuance of US dollars, US dollar regulation also controls the circulation and usage ports. The Federal Reserve controls the number of new currencies issued each year according to the flow and damage of dollars abroad. At the same time, we should supervise the inflow and outflow of US dollars, so as to keep us dollars in an environment that can be roughly traced, so as to facilitate the issuers to count the total amount, so as to avoid excessive inflation or deflation
in fact, these scattered us dollars exist in some deregulated environments. Although they are out of control, they will not affect the overall economic situation
If anyone wants to influence the international economy through these scattered us dollars, then it must enter the existing regulatory system. In this way, these scattered dollars are regulated
for bitcoin, we can also learn from these forms of regulation
first of all, from the point of view of the issuing end, although the total number of bitcoin is now 21 million, it is also "set before" and cannot be changed
recently, it has been mentioned that the 21 million bitcoin limit should be abolished, which means that the issue of bitcoin is not stable. Therefore, it is necessary to control the issuance of bitcoin from the development end
you need to get inside the development side and become a core developer
Second, monitoring from the circulation link. In fact, this is the most difficult monitoring at present, because the blockchain is anonymous, the user is anonymous, and the receiver is anonymous
even though we can trace the circulation path of bitcoin by technical means (for example, we can know that a transaction is sent from a small house in the United States to a commercial building in Germany), it is only a drop in the bucket for tens of millions of users in the whole environment. How to trace and manage the overall transaction data is a huge problem
you can't know from the transaction data whether the user is engaged in illegal transactions
what should we do? Regulators have come up with a way to bind personal identity information to the user's real name, your exchange account number and bitcoin wallet address. But this is also a temporary solution, because it can only monitor the use of bitcoin in specific situations. An indivial can use multiple bitcoin wallet addresses. You don't know when he will apply for a new one
in terms of circulation, there is also a monitoring system to control the exchange channel between bitcoin and local legal currency. Banks in some regions do not provide financial services for users who exchange bitcoin for legal currency, and some countries and regions prohibit financial institutions from providing bitcoin and local legal currency exchange services
if users secretly exchange huge amounts of bitcoin, some clues can be found through the bank transfer records, so as to crack down on illegal acts in time. As for those who make little trouble, let him go
thirdly, restrict the use. This is relatively easy to achieve. For example, relevant laws have been issued to prohibit the use of bitcoin transactions. Although it's impossible to ban it completely, it's better than letting it run wild All over the world, it seems that what is forbidden is not completely forbidden
for example, before using bitcoin in public, you must use your real name, and you have to pay taxes to hold or use bitcoin
of course, it's OK for users not to do so, so it's better to use its assets in the dark
having said so much, now you know that bitcoin can be regulated, but it's not so well managed. Many measures have been taken, and it seems that they are not effectively regulated. Under what circumstances can bitcoin be effectively regulated? Users consciously report their holdings of bitcoin to the regulatory authorities. The regulatory authorities add some development functions to the bitcoin to achieve supervision, or they don't need to use it, so it doesn't matter at all
in fact, it can't be controlled so strictly, as long as it can't be controlled in the range of big waves. After all, there is light and dark, and there may be no gray space at all
new technology will surely have an advantage when it comes to living now.
4. Australia
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.
5. To be protected by law, you should refer to the following conditions to see if all of them can be met:
1
2. Your bitcoin transaction is legal and not restricted or prohibited by law
3. The profits you earn are recognized by law and can be distributed and owned by you
if the above conditions are met, you should be able to obtain legal protection. If the case is solved in the future, you should be able to claim civil compensation as the victim, but there is no guarantee of full compensation
in general, if the public security organ files a case for investigation, the case will still be held accountable for how long it takes; If the public security organ does not file a case and may be sentenced to fixed-term imprisonment of not more than five years, it will not be investigated after five years. However, the law also stipulates that if a complaint is filed by the victim ring this period, the relevant authorities should file the case but not, it is not limited by the limitation period of prosecution. You have reported the case to the public security organ, but the case has not been filed because of public security reasons. This case should not be limited by the prosecution period according to law, and the prosecution effect will not be lost for a long time.
1
2. Your bitcoin transaction is legal and not restricted or prohibited by law
3. The profits you earn are recognized by law and can be distributed and owned by you
if the above conditions are met, you should be able to obtain legal protection. If the case is solved in the future, you should be able to claim civil compensation as the victim, but there is no guarantee of full compensation
in general, if the public security organ files a case for investigation, the case will still be held accountable for how long it takes; If the public security organ does not file a case and may be sentenced to fixed-term imprisonment of not more than five years, it will not be investigated after five years. However, the law also stipulates that if a complaint is filed by the victim ring this period, the relevant authorities should file the case but not, it is not limited by the limitation period of prosecution. You have reported the case to the public security organ, but the case has not been filed because of public security reasons. This case should not be limited by the prosecution period according to law, and the prosecution effect will not be lost for a long time.
6.
In fact, there is one more detail that we need to pay attention to, that is, the price of bitcoin has been directly reced from US $60000 to US $52000, and countries have directly indicated that they will strengthen supervision. Before that, you should know that the price of bitcoin soared from more than 10000 US dollars to 60000 US dollars. It's boring. Why didn't the regulators of various countries directly intervene in such a long period of time? So today we will discuss the factors that affect the fluctuation of bitcoin{ Third, the confidence of consumers or investors
in the past few months, bitcoin's long-term success is that the manual has brought her a high degree of popularity, and at the same time, its price has gone up by leaps and bounds. But everyone is tired. After seeing some information about bitcoin for a long time, we are not very interested. The visual impact of tens of thousands of dollars has lost any freshness. In this case, everyone's investment enthusiasm for bitcoin will naturally decline, which will lead to its price decline
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