On the evening of September 27, Alibaba International Station officially released the "Announcement on Prohibition of the Sale of Virtual Currency Miner Products".
The announcement stated that in accordance with relevant laws and regulations, as well as the instability of laws and regulations on virtual currencies and virtual currency-related products in various international markets, the platform will ban the sale of Bitcoin, Litecoin, Biocoin, and Quark after evaluation by the platform. Based on virtual currencies such as currency and ether, merchants are prohibited from selling virtual currency miner products. Products that are currently on the shelves can still be traded, but new products cannot be released anymore and will be completely banned on October 8. Encryption platform collectively bid farewell to mainland China According to the control rules issued by Alibaba International Station, the stock orders on the platform will continue to be fulfilled, and follow-up after-sales related issues will be resolved. The agreed delivery time for new orders from September 27 to October 8 must be before January 8, 2022. From October 8th, no new orders and payments for products under the category will be accepted. Please strictly abide by the laws and regulations of various countries and platform rules for the fulfilled stock orders. If the merchant returns the payment made by the buyer, the platform will bear the related costs (such as handling fees) incurred by the refund. The platform requires that merchants who release virtual currency miner products and related products starting from 10.15 will be punished in accordance with relevant rules. For malicious bypassing of rules or product categories, the platform will take penalties including but not limited to increasing deductions, blocking shops, restricting members' use of website product functions, freezing accounts, and closing accounts according to relevant platform rules. Since September 24, the People’s Bank of China and other ten departments jointly issued the "Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Speculation" clearly stated that virtual currency does not have the same legal status as legal tender, and its related business activities are illegal After the financial activities, many virtual currency-related companies such as Spark Pool, Huobi, Loopring Technology, and AEX Security Exchange have issued announcements to suspend business in the mainland or restrict the registration of mainland users. At present, the IP address in mainland China can no longer open the market information websites such as CoinGecko, TradingView, and CoinMarketCap. On September 25, the official website of the cryptocurrency wallet TokenPocket issued an announcement stating that TokenPocket wallet actively embraces relevant regulatory provisions, and will terminate certain functions and services for inland users in China. “At present, there are many problems with crypto assets. From top-level design to bottom-level transactions, from market mechanisms to regulatory compliance, there are serious legal issues, and some aspects even involve the legislative level, which is extremely difficult to solve. In fact, the global currency regulatory level It is not the role of crypto-assets as emerging investment products, but the attack on crypto-assets' tactics to position themselves as cryptocurrencies and challenge the sovereignty of centralized currencies of global central banks." Unlike traditional precious metal currencies and paper money, cryptocurrency has no value in itself. In addition, its so-called mining method has not created any value for society, but consumes huge electric power and consumes huge computer resources. Many countries tighten the regulation of the encryption industry The attitude of the international market towards cryptocurrencies has become increasingly tough. Recently, U.S. regulators issued a strong warning to the encryption industry, saying that it is in danger of repeating the toxic cultural mistakes before the 2008 financial crisis. According to reports, on September 17, officials from the U.S. Treasury Department have concluded on the most urgent risks posed by Tether and other stable currencies, and are preparing to make recommendations for strengthening cryptocurrency supervision. The policy framework will be in the future. Announced in a few weeks. According to reports, on September 27, Indonesian Trade Minister Muhammad Luthfi stated that although Indonesia will not completely ban cryptocurrencies, it will tighten supervision. On the same day, the Swiss Financial Market Supervisory Authority (FINMA) stated that it will closely monitor local cryptocurrency providers, and that platforms and brokers dealing with digital assets in Switzerland must strengthen monitoring and will observe whether unscrupulous participants use cryptocurrencies. Previously South Korea’s revised "Specific Financial Transaction Information Reporting and Use Law (Special Law)" stipulated that cryptocurrency exchanges operating in South Korea must obtain information security management system (ISMS) certification and report to South Korea’s financial intelligence before September 24 Agency (FIU) registration. According to our previous report, as of September 24, more than half of South Korea's cryptocurrency exchanges have completely shut down operations. In recent years, in order to maintain social stability, regulatory agencies in various countries have increased their supervision of the virtual currency market. In the virtual currency market, there are more speculative behaviors rather than investment behaviors, which will cause the entire market to be greatly "off the real to the virtual", and in the long run, it is easy to cause systemic financial risks. In addition, many people buy miners for Bitcoin mining, which is a great consumption of energy, electricity, etc. In China, cryptocurrency has been defined as "illegal." For investors of cryptocurrency, they need to be cautious and protect their own safety. It is not suitable to conduct virtual currency transactions. Improper transactions involving virtual currency are included in the criminal law. Staying away from virtual currency transactions is a good protection for your own financial safety or personal safety. Although the regulations of various countries have become more strict with regard to the development of Bitcoin and other cryptocurrencies, there are still more and more giant companies participating in it. On September 24, Twitter announced that it would allow users to use Bitcoin on social networks to tip creators they like. On September 15, AMC Entertainment Holdings, the largest theater chain in the United States, stated that it plans to start accepting bitcoin for online ticket purchases and licensed products before the end of this year, as well as other cryptocurrencies. On August 23, the US payment giant PayPal announced the launch of a cryptocurrency service in the UK, allowing UK customers to buy, hold and sell digital currencies. In addition, since Bitcoin officially became the legal tender of El Salvador on September 7, some Central and South American countries have expressed their views to legalize cryptocurrencies. The global investment market is currently turbulent. The Fed’s attitude towards inflation and interest rate hikes has disappointed Wall Street. Today, when inflation expectations are rising, it is normal for some Wall Street venture investors to invest in assets in the currency circle. Background. El Salvador and Venezuela, they use cryptocurrency to replace their national currency with the purpose of eliminating national concerns about the uncertainty of their currency. Therefore, the stance on cryptocurrency stems from whether the currency itself is strong or not. The better the close correlation between the currency and monetary policy, the stronger the country's ability to implement it, and the stronger the resistance to cryptocurrency. Encrypted assets are indeed favored by some giant companies and investment institutions, but it is the Internet emerging companies that are more worthy of attention. These companies themselves are digital companies, and they will definitely look for their own value and expression of value in the digital ecosystem. Risks exist in any market. High risks and high returns are matched. Investors should not just look at one of them. Therefore, investors need to be cautious.
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Bitcoin adoption is on the rise, and major industries are beginning to realize that Crypto is something they cannot ignore.
After El Salvador adopted Bitcoin as legal tender, New York City began to adopt Bitcoin, which caused a storm in the real estate sector. A large real estate company in New York City announced that it would sell some of its major real estate to buy Bitcoin and opened the transaction to buyers from all over the country, including mainland China and Hong Kong. Magnum Real Estate Group is a company headquartered in New York City, USA. The company announced that it will accept Bitcoin as a payment method for this property. This is the first commercial real estate transaction in New York City. The company has opened the transaction to buyers from all over the world. If these properties are sold in Bitcoin, they will be the most valuable properties ever purchased with Bitcoin. This transaction will be processed by BitPay, and a 1% handling fee will be charged, and the amount will be paid in the corresponding Bitcoin at the time of purchase. Magnum explained that, given that these properties are already generating income, buyers of these properties will immediately see cash flow. The company considers itself a pioneer in Bitcoin transactions in the industry. Ben Shaoul, managing partner of Magnum, said, "We are pioneers in Bitcoin transactions, and we see the possibility of using blockchain technology for more transactions." Despite the slow pace, the real estate market has not been completely left behind by Bitcoin. Some real estate transactions have already adopted Crypto. The most notable of these is the $22.5 million beach house in Miami that was sold through Crypto, which is currently the highest value real estate sold through Crypto. At the same time, 1 Hyde Park, the most expensive penthouse in London, recently opened with a value of US$244 million. Users can choose to buy it with Crypto. Obviously, if sold in this way, it will make it the largest Crypto real estate transaction in the world. All these developments have had a significant impact on Crypto. The Times reported that 40-year-old Vineet Budki used Bitcoin to buy a house in Dubai. The Crypto miner bought this $1 million villa. Ben Shaoul stated that this will not be the company's only Bitcoin transaction this year. The managing partner of Magnum Real Estate Group expects that the company will conduct two or three BTC transactions this year. For a long time, real estate has been the best performing investment in modern history. Now, with the blessing of Crypto assets, its ability to increase value seems even stronger. According to reports, stablecoin issuer Tether Ltd. refuted speculation that its USDT stablecoin was backed by commercial paper issued by the Chinese real estate giant Evergrande Group.
Tether’s external spokesperson Alex Welch said in an email on Wednesday: “Tether does not hold any commercial papers or other debts or securities issued by Evergrande, and has never done so... As we have issued in the statement and recently As stated in the guarantee certificate, the report date is June 30, 2021, and most of the commercial papers held by Tether are issuers rated A-2 and above." Tether revealed in May 2021 that the USDT stablecoin is backed by a combination of cash, U.S. Treasury bonds and other assets, and nearly half of its reserves are backed by commercial paper. However, the company declined to disclose the issuer of the commercial paper, only announcing the rating. Iran will lift the mining ban but electricity prices may rise. Are the miners happy or worried?9/8/2021 Iran issued a four-month temporary ban on cryptocurrency mining in May of this year. However, according to foreign media, the CEO of Iran’s power generation, distribution and transmission company Tavanir confirmed that the temporary ban will be lifted on September 22 , All miners who have obtained mining permission can resume mining.
It is understood that Iran recognized cryptocurrency mining as a legal industrial activity as early as July 2019, but mining companies must obtain relevant permits from the Ministry of Industry. The Ministry of Industry has also issued licenses to 30 mining companies, which has attracted a large number of miners from all over the world to Iran for mining. However, since January this year, more than ten provinces and cities in Iran have experienced large-scale power outages. In order to cope with the power shortage caused by the peak summer power consumption, the then Iranian President Hassan Rouhani announced the ban on encryption on May 26 this year. Currency mining. The main reason for aligning licensed miners with illegal mining miners is the surge in electricity consumption in mining. The daily electricity consumption of illegal mining miners is about 3000 megawatts of electricity, which is ten times that of licensed miners. Power outages in some areas have affected the daily lives of local people, causing many citizens to protest on the streets. The government had no choice but to issue a four-month ban to alleviate the current power shortage. Iran is located in West Asia and belongs to a Middle Eastern country. It has a land area of about 1.635 million square kilometers, about the size of Xinjiang. According to the 2019 population statistics, the total population of Iran is about 81.65 million, which is not as large as a Sichuan province in China, but the country is in the Middle East. Naturally, oil and natural gas resources are very abundant, and the economy is also dominated by oil exploration. Earlier, the price of electricity in the electricity market was very low and the supply was stable, which is also one of the reasons why it can attract miners everywhere. In September 2017, US President Donald Trump signed and promulgated the latest travel ban, and Iran was on his list. The economic sanctions imposed by the United States and other countries on Iran have always existed, which has caused its economic development to face difficulties in recent years, and it has been plagued by problems such as inflation and currency devaluation. According to reports, Iran’s inflation rates in 2018 and 2019 were 34.6% and 36.5%, respectively. Therefore, alternatives to fiat currencies such as the U.S. dollar are very attractive to Iran's authority, and the Iranian people also hope that there will be another store of value to fight inflation. According to the Cambridge Computing Power Map, before Iran’s ban, Iran accounted for 4.64% of the global Bitcoin mining power, which allowed the Iranian government to earn hundreds of millions of dollars from cryptocurrencies, which could be used to ease the US economy. The impact of sanctions. According to people familiar with the matter, even if the ban is over, it will not be easy for mines to restore their previous profitability, because Iran has put forward harsh new regulations: not only the electricity price will be increased sharply, but also all legal mining companies are required to deposit a one-time deposit. Electricity bill for 6 months. In addition, the electric power department requires that the mines must pre-store the electricity bills before September 7, otherwise the electricity will not be able to be normally powered on on September 22. It is estimated that the electricity price after mining resumes will reach 0.55 yuan per kilowatt-hour. If the relevant policies on electricity tariff regulation are officially promulgated, plus the recovery of mining but the total amount of power generation has not increased, it is still unclear whether the electricity consumption is stable, plus tax and mine operating costs, it is for those who are fancy low electricity prices and loose For miners who want to move to Iran, Iran may no longer be the best choice. |
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