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㈠ Why the country bans blockchain
What needs to be corrected is that what the country prohibits is the transaction of digital virtual currencies such as Bitcoin, which has no supervision and high financial risks. Blockchain is the underlying technology of Bitcoin. The country is supporting the development of blockchain technology, and local governments have introduced relevant support policies.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. At the same time, as the underlying technology of Bitcoin, it is a series of applications. Data blocks generated by cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block.
Bitcoin is an online virtual currency. The concept of Bitcoin (BitCoin) was first proposed by Satoshi Nakamoto in 2009. It is a P2P digital currency.
㈡ What is the latest policy of the country’s most virtual currency exchange?
The country’s policy regulations on virtual currency transactions: strict supervision and explicit prohibition: In June 2018, in the Department of Disposal of Illegal Fund-raising At the joint meeting of 2018-2020, the Central Bank of China stated that it will severely crack down on "virtual currency" related activities suspected of illegal fund-raising and illegal securities activities. In response to ICOs and Bitcoin and other virtual currency exchanges suspected of illegal fund-raising and illegal securities activities, the central bank and relevant departments will promptly issue Announcements are made to clarify attitudes, warn of risks, and deploy local authorities to carry out rectification.
·In August 2018, the China Banking and Insurance Regulatory Commission, the Central Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the State Administration for Market Regulation issued the "On Preventing Illegal Fund-raising in the Name of "Virtual Currency" and "Blockchain" Risk Warning", emphasizing that under the banner of "financial innovation" and "blockchain", activities to absorb funds through the issuance of so-called "virtual currencies", "virtual assets", "digital assets" and other methods are actually using "financial innovation" as a gimmick, which is The Ponzi scheme of "borrowing new and repaying old" makes it difficult to maintain long-term capital operation. China now has very strict policies on virtual currencies and explicitly prohibits them. Hope it will be adopted.
Is web3 blockchain development illegal?
No. As of November 19, 2022, our country has not banned the development of blockchain, so it is not illegal. Blockchain is a chain composed of blocks one after another. Each block stores a certain amount of information, and they are connected into a chain in the order in which they were generated.
㈣ Bitcoin is actually a scam. The central bank has made it final and the Chinese Academy of Sciences has already issued a warning. Do you understand?
In accordance with national policy requirements, CITIC Bank also Start “blocking” Bitcoin and prohibiting accounts from being used for Bitcoin transactions. If found, CITIC Bank has the right to take measures such as suspending relevant account transactions and canceling relevant accounts. In addition, Guan, a professor at the Chinese Academy of Sciences, said that given China’s commitment to achieve carbon neutrality by 2060,And, there is a need to implement regulations to reduce carbon emissions from Bitcoin mining and future emerging industries. Because research has found that many people use high-energy-consuming computers to mine Bitcoin because they are obsessed with Bitcoin.
It is estimated that the annual energy consumption of China’s Bitcoin blockchain will peak in 2024, at approximately 296.59 terawatt hours. Bitcoin is calculated based on 1 terawatt hour. If it is 10 kilowatt hours, the annual electricity consumption will reach 300 billion kilowatt hours. The increase in electricity consumption will undoubtedly produce 1.335 billion tons of carbon emissions, and this energy consumption has become one of the top ten energy consumers in China. In fact, in China, as early as 2017, Inner Mongolia began to rectify the virtual currency mining industry. In February this year, Inner Mongolia made it clear that it would shut down all virtual currency mining projects by the end of April. In short, Bitcoin, as a virtual currency, is not backed by gold or silver. Products and services, while purchasable, are ultimately worthless. So people must keep their eyes open to avoid being cut.
Is blockchain digital currency legal?
Blockchain digital currency is illegal in China. As early as September 2017, multiple official departments such as the central bank and the China Banking Regulatory Commission issued documents prohibiting the circulation and trading of digital currencies in China. Therefore, digital currencies are illegal in China.
Blockchain technology is recognized by the country, but because my country’s blockchain digital currency transactions do not have a complete regulatory mechanism, the country will ban digital currency transactions in the short term. to protect the legitimate rights and interests of the general public. In fact, the country is certain of the benefits of blockchain, but the emergence of blockchain has given criminals an opportunity to take advantage of it. Since most people don’t understand blockchain, they “give” their funds to the criminals after being coaxed by them. It is precisely because of this that the state has stopped the development of blockchain digital currency transactions, mainly to protect the masses.
However, the Cyberspace Administration of China issued the "Blockchain Information Service Management Regulations" on January 10, 2019, and began to implement them on February 15, 2019. In the "Blockchain Information Service Management Regulations", the state clarified the management measures for blockchain information services to promote the healthy development of blockchain technology and related services. It shows that the country has already established sound blockchain management methods. It is believed that in the near future, blockchain digital currency will become a legal project in the country.
㈥What is Blockchain 94?
Blockchain 94 refers to the fact that on September 4, 2017, the central bank and seven ministries and commissions jointly halted ICO events in the blockchain. Define ICO as illegal fundraising. At the beginning, Huobi, Binance, bitai, OK, Bit AI, etc. moved abroad
㈦ Is blockchain legal in China?
Blockchain investment is currently not clear in our country The law proves its legality, and there is no law prohibiting the development of blockchain. However, blockchain investment also has great legal risks under the appearance of high returns, so you need to be cautious.
First of all, due to itsLack of supervision, most of its circulation and trading forms are similar to the issuance and listing of securities, and there are behaviors of setting up exchanges for trading. First of all, due to the lack of supervision, most of its circulation and trading forms are similar to the issuance and listing of securities, and there is the practice of setting up exchanges for trading.
The transaction process and transaction results are not transparent, making it difficult to regulate the problem.
Legal basis:
Article 12 of the "Company Law of the People's Republic of China": Registration
The company is stipulated in the company's articles of association and registered in accordance with the law. A company can amend its articles of association and change its business scope, but it must register the change.
Projects within the company's business scope that are subject to approval under laws and administrative regulations must be approved in accordance with the law.
㈧ After various places have banned Bitcoin and Ethereum "mining", NFT blockchain will be the next step
Although China bans cryptocurrency transactions and "mining", The exploration of blockchain technology continues. At the just-concluded World Artificial Intelligence Conference, Da Hongfei, founder and CEO of Distribution Technology, said in an interview with China Business News that “the manageability of blockchain” is a recent focus. The current scale and growth rate of the global public chain market is much higher than that of the alliance chain business. However, public chains have many limitations, such as illegal crimes, hacker theft, network risks, regulatory obstruction, etc., and cause huge irreparable losses. Therefore, how to increase the manageability of blockchain will be an important issue for blockchain to become mainstream.
The currency circle has been very unstable in the past two months. On May 21, the Financial Stability and Development Committee of the State Council issued a document stating "Crack down on Bitcoin mining and trading activities." On May 25, the Inner Mongolia Development and Reform Commission issued eight measures (draft for comments) to combat and punish virtual currency “mining”. On June 9, the Qinghai Provincial Department of Industry and Information Technology issued the “About Mining of Virtual Currencies” Notice on Cleaning up and Rectifying the Project", and cleaning up and rectifying the relevant virtual currency mining/mining activities.
On June 18, the Sichuan Provincial Development and Reform Commission issued the "Notice of the Energy Bureau on Cleaning up and Shutting Down Virtual Currency "Mining" Projects. For virtual currency mining/mining, the relevant power in Sichuan Enterprises need to complete the screening, cleaning and shutdown work before June 20.
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㈨ Why does China prohibit the trading of virtual currencies such as Bitcoin and PiCoin
The central bank does not recognize pi coins, and the central bank does not recognize any non-state-led issuance of virtual digital currencies. China prohibits the trading of digital currencies, but there are still many Chinese people trading digital currencies. The Chinese government, the central bank and other financial departments have issued the "Announcement on Preventing Financing Risks of Token Issuance", which clarified the transactions and transactions of related digital currencies.Limitations
Extended Information
Pi Coin (Pi), created by a PhD team from Stanford University. A virtual currency that can be “mined” on your mobile phone. Compared with mining Bitcoin, which requires enough mining machines, the method of mining Pibi is very simple. You can mine for free with the Pibi App
Yu Jianing, rotating chairman of the Blockchain Committee of China Communications Industry Association, reminds investors However, a small number of frauds disguised as blockchain will set very low thresholds for users in the early stage, with simple operations and low (free) funding thresholds, and will increase the popularity of the project through the "head-pulling" reward model and massive publicity. . At the beginning, the project team essentially aimed to build a multi-level distribution system. In the second stage, when the project team announces that the virtual currency can be transferred or traded, and there is a possibility of capital circulation, they are looking for opportunities to sell the virtual currency in large quantities, and the risks for investors will also greatly increase.
Yu Jianing summarized the four major ways for investors to "avoid lightning": First, be wary of risk-free, high-return blockchain projects. The prices of crypto assets have skyrocketed and plummeted frequently, and air coins may return to zero in extreme circumstances. The second is to avoid projects that rely on "pulling people" and multi-level rebates to realize cash. This type of pyramid scheme marketing is extremely risky.
The third is to learn to read GitHub's open source programs. You can check its parameters and operation methods on the blockchain browser, as well as all accurate information about the asset's issuance, circulation, transfer records, etc. Fourth, block chain projects that use over-the-counter transactions or specific exchange transactions need to be carefully screened. It is very likely that the price will be highly manipulated and that deposits and withdrawals cannot be made freely.
With the wealth-making myths of Bitcoin and Dogecoin, "digital currencies" of various names can be described as "the eight immortals crossing the sea, each showing his magical powers." Pi, a tool that claims to be able to "mine coins" with mobile phones, has recently become popular in WeChat Moments. News about Pi coin "mining people" can be seen everywhere on Weibo and WeChat Moments.
Most of the Apps in the currency circle can be downloaded from the mobile application market by relying on overseas IDs. Borrowing other people's IDs may upload files on your own mobile phone. These virtual currency Apps may also upload user private information during use, allowing user privacy to run naked in the online world