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 Recently, virtual currencies such as Bitcoin and Dogecoin have experienced sharp rises and falls, and new virtual currency scams have been frequently exposed. On May 18, the China Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association issued the "Announcement on Preventing the Risks of Speculation in Virtual Currency Transactions," requiring financial institutions and payment institutions not to conduct business related to virtual currencies. The announcement reminds that virtual currency transaction contracts are not protected by law. Consumers should increase their risk awareness, not participate in virtual currency transaction speculation activities, cherish their personal bank accounts, and not use them for virtual currency account recharges and withdrawals, purchase and sale of related transaction recharge codes, and transfer of related transaction funds.  It is understood that my country’s supervision of virtual currencies has begun in 2012. In 2012, the People's Bank of China and five other ministries and commissions issued the "Notice on Preventing Bitcoin Risks", requiring financial institutions and payment institutions not to conduct Bitcoin-related businesses. At the same time, the People's Bank of China mentioned in its explanation of the "Notice" that "Bitcoin trading is a commodity buying and selling behavior on the Internet, and ordinary people have the freedom to participate at their own risk." In 2017, seven departments including the People's Bank of China issued the "Announcement on Preventing Financing Risks of Token Issuance", which stipulates that any so-called token financing trading platform shall not engage in the exchange business between legal currency, tokens, and "virtual currencies", shall not buy or sell tokens or "virtual currencies" as a central counterparty, and shall not provide pricing, information intermediary and other services for tokens or "virtual currencies". The "Announcement on Preventing the Risks of Speculation in Virtual Currency Transactions" issued by the three associations this time adds requirements to consumer groups based on previous documents and calls on consumers not to participate in virtual currency transaction speculation activities. The following is the full text of the announcement ↓↓ Recently, the price of virtual currency has skyrocketed and plummeted, and virtual currency trading and speculation activities have rebounded, seriously infringing on the property safety of the people and disrupting the normal economic and financial order. In order to further implement the requirements of the "Notice on Preventing Bitcoin Risks" and "Announcement on Preventing Financing Risks of Token Issuance" issued by the People's Bank of China and other departments, and prevent the risk of speculation in virtual currency transactions, the China Internet Finance Association, China Banking Association, and China Payment and Clearing Association jointly announced the following relevant matters: 1. Correctly understand the essential attributes of virtual currency and related business activities. Virtual currency is a specific virtual commodity that is not issued by a monetary authority. It does not have legal and compulsory monetary attributes. It is not a real currency and should not and cannot be used as currency for circulation in the market. Carrying out exchange business between legal currency and virtual currency and exchange between virtual currencies, serving as a central counterparty to buy and sell virtual currency, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and virtual currency derivatives transactions and other related transaction activities, violates relevant laws and regulations, and is suspected of illegal fund-raising, illegal issuance of securities, illegal sale of tokens, and other criminal activities. 2. Relevant institutions shall not carry out business related to virtual currency. Financial institutions, payment institutions and other member units must effectively strengthen their social responsibilities and shall not use virtual currency to price products and services. They shall not underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability. They shall not directly or indirectly provide customers with other virtual currency-related services, including but not limited to:
Financial institutions, payment institutions and other member units should effectively strengthen the monitoring of virtual currency transaction funds, rely on the industry's self-regulatory mechanism, strengthen risk information sharing, and improve the level of joint prevention and control of industry risks.； If clues to violations of laws and regulations are discovered, measures such as restricting, suspending or terminating relevant transactions and services must be promptly taken in accordance with procedures, and reported to relevant departments. ； At the same time, we actively use multiple channels and diversified contact methods to strengthen customer promotion and warning education, and proactively provide risk warnings involving virtual currencies. 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 they find clues to relevant problems, they should report them to relevant departments in a timely manner and provide technical support and assistance for relevant investigations and investigations. 3. Consumers should increase their awareness of risk prevention and beware of losses of property and rights. 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. Consumers should enhance their risk awareness, establish correct investment concepts, refrain from participating in virtual currency trading and speculation activities, and beware of damage to their personal property and rights. Personal bank accounts must be cherished and not used for activities such as recharging and withdrawing virtual currency accounts, purchasing and selling related transaction recharge codes, and transferring related transaction funds to prevent illegal use and leakage of personal information. 4. Strengthen the self-discipline management of member units. All member units must strictly implement relevant national regulatory requirements, abide by industry self-discipline commitments, and resolutely not carry out or participate in any business activities related to virtual currencies. The three associations will strengthen the self-discipline supervision of member units. If they are found to have violated relevant regulatory regulations and industry self-discipline management requirements, they will take disciplinary measures such as industry notification, suspension of membership rights, and cancellation of membership in accordance with relevant self-regulatory regulations. They will also report to the financial management department. If they are suspected of illegal crimes, relevant clues will be transferred to the public security organs. Southern Metropolis Daily (nddaily) reports Nandu trainee reporter Li Yaning reporter Ma Jialu  ▊ Nandujun Special Selection (click the title below) urgent! Important reminder This is what a famous person said before he was killed! The deputy mayor gave his son 1 million pocket money, and his wife gave the traffic police a wad of money! Corrupt families are shocking How did Hong Kong recover from the water shortage in the past? They are here thanks to a huge amount of credit.  |
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