The global government encirclement of Bitcoin is misreading but strict regulation is the trend

On October 11, digital money will not be killed by a manager in a stick, but it will hurt or hurt.

In the light of the current momentum of growth in encrypted currencies , global regulators are unlikely to ban digital currency transactions as this would hinder financial innovation. But it is undeniable that now countries around the world are asking for more regulation.

Last month, the People's Bank of China promptly took action to suspend the ICO financing of the company on the grounds that 90% of the domestic ICOs were fraudulent. Subsequently, some large-scale special currency exchanges also received a notice from the central bank to stop investors from using the yuan to convert Bitcoin's behavior and attempt to place Bitcoin and other encrypted currencies within the government's regulatory framework. Some other countries have begun to tighten their chains of digital money either slowly or slowly after the

Chinese government has begun to launch stringent measures against encrypted currency . Perhaps the introduction of these regulatory policies will not make the price of encrypted currencies such as Bitcoin , But still make the future of the encrypted currency become erratic. According to the latest news, following China, Russia has always been a relaxed attitude to the encrypted currency to join the "bargain army", and before that, South Korea, Malaysia and the United Kingdom and other European countries have begun to introduce policies to strengthen the supervision of special currency.

Russia

on Tuesday (October 11), Reuters reported that the Russian central bank's first vice president Weizuo Fu claimed that Russia will ban the country's currency and other encrypted currency sites.

Although Russia has always had a more open attitude towards encrypted money , the government is more inclined to create its own electronic money, such as a digital currency similar to the "virtual ruble" . Thus, even if the transaction is relatively free in Russia, the encrypted currency can not guarantee complete escape from the regulation.

However, due to the share of Russia in the Bitcoin market is very limited, this initiative did not lead to the day the price of special currency diving phenomenon, after the announcement, Bitcoin prices only briefly fell, then quickly rebound recovery The

South

Korea is the second country after China, the second to ban the country issued by the ICO countries.

According to reports, the South Korean Financial Services Commission issued a report that the digital currency may be on the Korean monetary system and even the entire economy's regulatory impact, and that the next ICO inspection mechanism will be very strict.

South Korea is currently an Ethernet currency of a country's most active trading, but then by means of an Ethernet currency ico financing behavior would be hit.

After Hong Kong

has stepped up supervision in the mainland, a large number of Bitmate believers have fled to the more liberal Hong Kong market, but looseness is not a vacuum.

The Hong Kong Securities and Futures Commission issued a statement last month saying that some ICOs have been deemed to be buying shares in the company and are therefore covered by securities laws. In addition, the regulator will pay special attention to whether the encrypted currency in line with anti-money laundering regulations, then may require customers to disclose transaction information.

Malaysia

When asked whether there is a plan to issue a ban on encryption money similar to that made by the Chinese government , Malaysian National Bank President Dan Sri Lanka Muhammad Ibrahim said: "This is what we will do before the end of the year "

Muhammad said it would release a guideline before the end of the year to explain how the country handled the encrypted currency . If the encrypted currency is recognized, the government will address some of the issues before the end of the year and make sure everything is open and transparent.

Europe

Japan has increased the license requirements for the special currency exchange, but in Europe, more stringent control measures have been taken into account.

At present, Bitcoin has become very popular in some European countries. In Switzerland, Bitcoin machines allow people to convert cash to digital money as a very common phenomenon. But the European banks like the application of digital currency prospects, does not mean they love Bitcoin.

According to UBS statistics, the use of Bitcoin for banks is subject to its volatility, and the central bank can not control its supply. UBS said the virtual currency could speed up settlement transactions and reduce costs, but banks want it to be controlled by the central bank to ensure stability.

In addition, UBS analysts said that although European banks are very interested in the potential of digital money , do not believe that Bitcoin may become a generally accepted form of currency.

According to a recent report by Bloomberg, the Swiss bank is negotiating with a number of central banks to develop a "public utility settlement", which is a mortgaged currency that banks can use to pay for each other or faster Buy securities.

The report notes that other large banks, including HSBC, Deutsche Bank and Barclays Bank, are interested in the project, which is based on a block chain and is expected to be launched next year with the support of the central bank.

From the global development trend, let the encrypted currency out of barbaric growth, and to create a regulatory environment for the field is a current development trend.

It is expected that the encrypted money market will produce a series of new regulations. The government will scrutinize the sale of Bitcoin and other digital currencies more closely to ensure that they comply with anti-money laundering and customer identification processes. If there is no need for regulatory channels to deal with these new risks Some people may use money in money laundering or other financial criminal activities.

Therefore, regulators can not make long-term digital money in their own eyes and not take any measures, more likely to happen is that the Government will join the digital currency of the innovative game, so as to pay for consumers to provide more options.

The real challenge will be to implement any new rules, and the government must use appropriate regulation to build trust with the market.