RE: Bitshares - State of the Network - 5th September 2017
The internal exchange between the entire virtual currency and RMBs in Bitcoin, the Ethernet area as the representative of the whole term is closed, but not to regulate the virtual currency itself, there is no prohibition of virtual currency one OTC.
The regulators decided to close the exchange of virtual currency in China, which includes the exchange between all "OKcoin", "Fire currency net" and "Bitcoin China" and another virtual currency with legal tender presented. Figure / Vision China
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[Financial New Network] (reporter Peng Kin Kin-Uu Yujian) regulators decided to close in the Chinese virtual currency exchange, which includes among all the "OKcoin", "Foreign exchange currency" and "Bitcoin China" and other virtual currencies with a legitimate payment By means of the stock exchange, new financial reporters are approaching the Internet of financial rectification risks, the work of the group's leading office (hereinafter referred to as the lead group), which confirmed this news, and learned that the permit is currently deployed to the field.
September 8, the third party trading platform, the network of cross-country issued a statement in accordance with the spirit and requirements of September 8 in Beijing financial conference work on September 5, from the day 17.30 to suspend trading in all currencies.
This is still a regulatory action after the People's Bank and the other seven ministries, together after September 4, jointly notice (further notice). The above statement by ICO (initial coin placement, initial public sale of coins) as an "illegal financial activity" and ordering since the announcement, ICO ban on new projects, projects to limit the stock of repayment. All ICO tokens trading platform must clean the deal.
The purpose of the regulation is not limited to now more than 60 ICO tokens trading platform, we will not participate in a number of trading platform home ICO virtual currencies are included in the purification volume critical to the completion time.
"In other words, the future can not have a so-called trading platform between virtual currency and legal tender in China." The closer to the leading group said: "Thus, there are no so-called markers, virtual currency, and there may be twenty or two problems between the PQM can not be sold. "
Regulatory research of virtual currencies of trading platforms did not suddenly strike, but at the beginning of the research was at the beginning of the year. Currently, the management team has made this decision and careful measures.
The central seven ministries in the announcement jointly issued on September 4, the signal was issued for this: The third announcement "Strengthening Financial Trading Manager token trading platform," noted that since the notification, any so-called financial transaction markers platform should not engage in legal tender and lexemes, in the "virtual currency" traffic exchange among themselves, can not be sold or used as a central counterparty of trade tokens or "virtual currency" should not provide For information about the prices of intermediaries as a token or a "virtual currency" and other services.
It should be noted that this decision to close the trading platform between the virtual currency with legal tender, which only prohibits the floor to trade virtual currency in China, and does not prohibit all virtual currencies with legal tender in the territory of China's trade. "In order to close the exchange Bitcoin no. For Bitcoin »the leading group that stressed the previous closure, suppression and Bitcoin-related activities related does not affect the development of the block chain technology.
In accordance with the position close to the leading group of sources, in terms of risk prevention, so that virtual currency and legal tender from the sex trade activities from China, the main market risks, financial risks and social risks at three levels.
The distorting effect of the secondary market
Since 2013, regulators have felt a great risk for the distorting effects of the secondary virtual currency market. At that time, Bitcoin volume transactions in China, and more than ninety percent of world trade volume, and Bitcoin pushed a record high of 8,000 yuan. PLAY INDIVIDUAL