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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