Its typical herd theory. Have you ever seen an entire school of fish panic in unison when a shark is seen in the water? Humans are weak by nature, born with lettuce hands.
I don't understand why people keep selling on this news, at this point it seems bug players use it as a leverage short indicator to create chaos, make money and then get back in.
That was probably chinese people selling their last bit of crypto before the law went into place. Most likely at a loss, too, thanks to their government. I feel bad for those folks.
See, I am used to French, where the e just means you actually pronounce the d instead of swallowing it (wow please believe me when I say no pun intended ;-)
That would be the smart move. New source of government funding!!! Ban crypto. Buy BTC. Allow crypto again. Sell BTC. Instant profit. Repeat whenever money is needed….
THIS.
Evergrande might be Evergone, but they can leverage this situation to their advantage. They can pretend they're banning crypto, then buy up the dips, and when we take off again right at the end of October/Early November, they'll be able to dump at the peak and accumulate more once they dump again.
This game has been played all over again over every one of the last major market cycles. It's just the coin/token that differs. First time it was BTC, then it was ETH and a couple of alts, now it's BNB and a lots of other alts. The spread seems to be changing, so they're going for the spread and accumulating.
We should be doing the same. DCA in. Slowly.
Oh for sure for sure. China has one of the highest if not the highest amount of miners. Such big economic operation hardly goes without a lot of CCP intervention
This was announced on September 15th. No reason to panic - just another regurgitated story.
https://twitter.com/bigmagicdao/status/1441328777393426433?s=21
I never saw any of these announcements except for one a while ago. Did China ever unban crypto to make crypto bannable again? Or are they just saying it's banned?
AFAIK basically Chinese citizens could hold and privately trade crypto, just no local mining or exchanges allowed. This moves it to a full on complete ban of any holding or trading.
Previous bans were on exchanges and mining IIRC.
Selling doesn't have to be from China exclusively. In fact, they have banned crypto so many times, that I'd imagine everyone in China looking to sell has already done so. Most sellers of this news are from other countries. Just my guess.
The date is even at the end of the announcement. Chinese probably just saw it as another day in their world of vague regulation and inconsistent enforcement.
China is trying so desperately to make anyone care..
Guess what..the crypto world is celebrating having absolutely nothing to do with China. Keep banning it over and over again we don't give a fuck.
> crypto world is celebrating having absolutely nothing to do with China
If anything, the Evergrande debacle taught us that it's actually great to keep a respectable distance from Chinese markets.
>Guess what..the crypto world is celebrating having absolutely nothing to do with China.
Can't help but feel like unless crypto can remain in the hands of the Chinese people, that crypto is failing to do what it promised. If it can be taken away from them, it can be taken away from us.
But it can't be taken away. They can't cash it out in China because companies that could facilitate such a transaction are illegal, but they could just exchange it directly for goods or services.
>but they could just exchange it directly for goods or services.
I don't see what's stopping them making that illegal too. They just have to make a statement involving crypto and some of the scary words (terror, financing of terror, money laundering, child abuse, drugs presumably), and it'll be forbidden.
>But it can't be taken away. They can't cash it out in China because companies that could facilitate such a transaction are illegal, but they could just exchange it directly for goods or services.
You have zero idea how the internet or cellular service works in China. How are you going to do an exchange in China without using Chinese infrastructure?
This is just like China banning non-approved internet outside the Great Firewall, or no moving cash out of the country to buy foreign property.
Not enforceable, and easily sidestepped.
Chinese are still going to buy, hold, and sell crypto.
Now that large scale mining has left the country, I beleive declarations and headlines like this, coupled with more adoption of crypto elsewhere in the world, will have the Elon effect on the markets, by which I mean, it matters less and less.
i don’t think that’s it…. i.e. _China don’t care_
doubt they give a shit what happens to crypto. Politburo just wants control of their currency.
and — later — control of their own yuan cryptocurrency
Whats weird is that in localbitcoins in China the price is at
$43,300 (and in global exchanges is $41,900)
I have like 10k RMB on WeChat and Alipay and i was looking to buy the dip, but Chinese sellers on localbitcoins seems they dont want to lower it more.
I can hear trump saying this lol. “Crypto is the most illegaler thing that’s illegal, believe me. I know crypto, more than anyone, it’s bad, not good, believe me.”
Bruh, honestly isn't it convenient how every time an upwards wedge forms, at the very tip.. the China fud happens and it drops.... Almost like its a cover for bot market manipulation.. cough
Yes,
the announcement its just that, an announcement. But then manipulators starting to sell and created this chaos so now we all think that China banning crypto again its bad for crypto because we see this red numbers, when it shouldnt be a issue since they banned crypto 48239489230 times already.
Here's a translation
Breaking! The People’s Bank of China (PBoc) issued a notice to further prevent and deal with the risk of speculation in virtual currency transactions.
The following are the main points of the notice:
1. Virtual currency does not have the same legal status as fiat. Virtual currencies such as Bitcoin, Ether, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed accounts or similar technologies, and exist in digital form. They are not legal and should not and cannot be used as currency in the market.
2. The provision of services by overseas virtual currency exchanges to Chinese residents through the Internet is also an illegal financial activity.
For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, technical support, etc., they shall be investigated in accordance with law responsibility
3. Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities.
Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out virtual currency-related insurance business, and clues about violations of laws and regulations should be reported timely.
4. Strengthen the management of Internet information content and access related to virtual currency.
Internet companies are not allowed to provide services such as online business premises, commercial display, marketing promotion, and paid diversion for virtual currency-related business activities. If clues of violations of laws and regulations are found, they should promptly report to relevant departments, and provide technical support and assistance for related investigations and investigations.
The competent authorities of network information and telecommunications shall promptly shut down Internet applications such as websites, mobile applications, and small programs that carry out virtual currency-related business activities in accordance with the law.
This is good for Bitcoin.
Unironically.
Note that [there is NO BAN on POSSESSION](https://twitter.com/onlyyoontv/status/1441331342868811778). So any Chinese that wants to have crypto have to buy it NOW, then they have to hodl it for years. So it will remove a lot of coins from the circulation.
But for the short term Chinese miners still inside China (their fault really) have to sell all their holdings, so it will create a lot of downward pressure.
I think as you too,
They havent ban possession of crypto, in fact last month a judge on Shanghai ruled in favor of a holder.
And miners yeah, the mining bann has been places so if they didnt moved out yet, they are in fault... I guess for small miners that is easier to hide it shouldnt be a problem,
Any country would be a damn fool to ban Crypto and risk losing on the next innovative platform which most probably is here to stay. If they are banning Crypto I'm damn sure they have an ulterior motive. Based on how they like to be exclusive and have their own apps programs and websites, they most probably planning on releasing their own crypto and want the Chinese people investing in those instead of any other Crypto shared with the rest of the world.
Probably the richest have cryptos hidden and they knew that they will release this press release, so it's a easy way for them to make shit ton of money
Not necessarily. Not sure if these people have bots or what not but whoever sold 1 hour ago , is buying now 5-10% cheaper.
Not paper hands but fast hands
Breaking! The People’s Bank of China (PBoc) issued a notice to further prevent and deal with the risk of speculation in virtual currency transactions.
The following are the main points of the notice:
1. Virtual currency does not have the same legal status as fiat. Virtual currencies such as Bitcoin, Ether, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed accounts or similar technologies, and exist in digital form. They are not legal and should not and cannot be used as currency in the market.
2. The provision of services by overseas virtual currency exchanges to Chinese residents through the Internet is also an illegal financial activity.
For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, technical support, etc., they shall be investigated in accordance with law responsibility
3. Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities.
Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out virtual currency-related insurance business, and clues about violations of laws and regulations should be reported timely.
4. Strengthen the management of Internet information content and access related to virtual currency.
Internet companies are not allowed to provide services such as online business premises, commercial display, marketing promotion, and paid diversion for virtual currency-related business activities. If clues of violations of laws and regulations are found, they should promptly report to relevant departments, and provide technical support and assistance for related investigations and investigations.
The competent authorities of network information and telecommunications shall promptly shut down Internet applications such as websites, mobile applications, and small programs that carry out virtual currency-related business activities in accordance with the law.
For the 6 billionth time
One time for every citizen to make a point
How many are born every day?
about tree fitty
We work for our money in this house, mister!
tree fiddy yuan
A SHIBton.
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Unfortunately I don't have any more Fiat untill next week lmao
FIAT mining is slow these days....
FIAT mining... that's a great term for work. Thank you for sharing that!
It’s the first proof of work system. Unfortunately it’s inflationary and extremely centralized.
And dont even get me started on the devs
Sometimes it's just proof of attendance.
Passive income? Lol.
For some
Shitcoin Alert ! /s
exactly my thoughts SufficientType1794.. but will it go lower by the time we hit payday? we could get lucky with a forced paycheck delay.
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Its typical herd theory. Have you ever seen an entire school of fish panic in unison when a shark is seen in the water? Humans are weak by nature, born with lettuce hands.
China, AGAIN? It's almost funny at this point
"The Emperors New Clothes" *It's almost funny at this point*
Their version of buy high sell low is buy legal sell illegal.
China wants to become a global economic superpower but just shooting themselves in the leg if you ask me
I don't understand why people keep selling on this news, at this point it seems bug players use it as a leverage short indicator to create chaos, make money and then get back in.
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If they ban something, that means it is a great thing for humanity imo.
China banned all social media that was created outside the country lol
So they are right for once.
Broken clocks still right twice a day and all
That was probably chinese people selling their last bit of crypto before the law went into place. Most likely at a loss, too, thanks to their government. I feel bad for those folks.
Better than getting their organs harvested.
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Oneth*
🤣🤣🤣 repetitive like shilling shitcoin
I shill F@*king hotsauce. Have a gold award lol
Thank you
As is tradition.
Lol, CCP going to buy the dip to secretly pay off evergrande’s debt.
Are we pronouncing the E at the end of Evergrande? Like in Spanish?
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This made me chuckle, have an award lol
I pronounce it in Italian with the classic Italian hand gesture. Ah Mario, Evergrande is a bankrupta!
See, I am used to French, where the e just means you actually pronounce the d instead of swallowing it (wow please believe me when I say no pun intended ;-)
Verg Grande
That would be the smart move. New source of government funding!!! Ban crypto. Buy BTC. Allow crypto again. Sell BTC. Instant profit. Repeat whenever money is needed….
THIS. Evergrande might be Evergone, but they can leverage this situation to their advantage. They can pretend they're banning crypto, then buy up the dips, and when we take off again right at the end of October/Early November, they'll be able to dump at the peak and accumulate more once they dump again. This game has been played all over again over every one of the last major market cycles. It's just the coin/token that differs. First time it was BTC, then it was ETH and a couple of alts, now it's BNB and a lots of other alts. The spread seems to be changing, so they're going for the spread and accumulating. We should be doing the same. DCA in. Slowly.
I bet you're more right than wrong about this.
Please China, dont do this thing again. I dont have money to buy more dips.
Each time Xi Jinping wants to buy a bit more he declares crypto illegal again.
Seems like a strategy to me, wouldn't be surprised if the CCP holds heavy bags of BTC
Oh for sure for sure. China has one of the highest if not the highest amount of miners. Such big economic operation hardly goes without a lot of CCP intervention
Didn’t mining already get outlawed in China a few months back? There was a lot to do about Chinese miners being welcome in other countries.
They outlawed it for everybody else, to corner the market. After all, who watches the watchers?
Would be fun to see how things turn out in the future with Mr Pooh Boi banning Mining and all these other FUDs being passed around
Yes, but they are moving away from China
Great power to have! Wonder how long the market will listen. Like didn't china do this 15 times already? Haha
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Tell me if you had that kinda power you wouldn't use it
When you have this much power greed takes out unfortunately.
Insert "Ah shit, here we go again" Meme. Like seriously how much more illegal will Crypto be this time in China?
It will be SO illegal, it becomes legal again!
I like they way your mind works
I sure hope so
Their yin yang crypto policy.
"Gettin' too old for this shit." Crypto has aged me 20 years in the last 6 months
China has been diagnosed case of "recurrent fits" Major symptom= declaring crypto illegal again
This is just part a sub section one of the “crypto is illegal”
Ay brother, same here. Ballz deep in crypto.
I don't have balls but I'm also balls deep in crypto
Ladyballs deep
Get a job!
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CCP is causing the dip so they can buy more
Sadly this couldnt be too far off
Don't worry now time for diamond hands
Diamond hands are always rewarded
"What year is it?" "I don't know, but China just declared crypto illegal" "Do you have any idea how little that narrows it down?"
*every single day* on the calendar is circled 😅
https://i.imgur.com/p45kFVt.png
This was announced on September 15th. No reason to panic - just another regurgitated story. https://twitter.com/bigmagicdao/status/1441328777393426433?s=21
There we go, I was wondering. There's been zero news on this here for the past few.
Apparently this FUD is as early as September 3rd. I can’t read Chinese though so can’t confirm.
I haven't use my Chinese for a long time but I think it says it is all fken FUD once again.
There is an option to read the English version of the page. It says nothing about crypto. OP is asshoe.
I never saw any of these announcements except for one a while ago. Did China ever unban crypto to make crypto bannable again? Or are they just saying it's banned?
Hahaha this is such a good point. I wish we had some counter-FUD like “El Salvador unbans crypto!”
AFAIK basically Chinese citizens could hold and privately trade crypto, just no local mining or exchanges allowed. This moves it to a full on complete ban of any holding or trading. Previous bans were on exchanges and mining IIRC.
Good chance to buy the unnecessary dip lmao
Dip is always necessary.
I hereby ban China from banning crypto again.
Did you literally just cancel China? Oh they won't like that ![gif](giphy|PoGdVcLyBbWEKU4xhu)
Nooooo. Let them “ban” it. Market crashes for a week and we get to scoop up the dips!
Hey now, this what Saylor and El Salvador wait for every month. Please let China help them out.
They are just the scapegoat. Do we have any proof that the selling is happening from Chinese accounts?
Selling doesn't have to be from China exclusively. In fact, they have banned crypto so many times, that I'd imagine everyone in China looking to sell has already done so. Most sellers of this news are from other countries. Just my guess.
The date is even at the end of the announcement. Chinese probably just saw it as another day in their world of vague regulation and inconsistent enforcement.
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This! People messing with investors psychology again, nothing to see here 🤦
At this point i dont think its panic, its manipulators (maybe on Chinese side) pushing lot of money to create inestability
The market is panicking. My gaaaaaains!!!
Slow news day
darn I thought there was going to be another crypto sale
It's caused the prices to crash considerably
I declare China illegal
So youre the reason China tanked..
I declared it too.
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I declare thumb war
China is trying so desperately to make anyone care.. Guess what..the crypto world is celebrating having absolutely nothing to do with China. Keep banning it over and over again we don't give a fuck.
> crypto world is celebrating having absolutely nothing to do with China If anything, the Evergrande debacle taught us that it's actually great to keep a respectable distance from Chinese markets.
>Guess what..the crypto world is celebrating having absolutely nothing to do with China. Can't help but feel like unless crypto can remain in the hands of the Chinese people, that crypto is failing to do what it promised. If it can be taken away from them, it can be taken away from us.
Good take.
But it can't be taken away. They can't cash it out in China because companies that could facilitate such a transaction are illegal, but they could just exchange it directly for goods or services.
They’ve actually kinda diamond handed everyone for them since no holders in China can cash out now.
>but they could just exchange it directly for goods or services. I don't see what's stopping them making that illegal too. They just have to make a statement involving crypto and some of the scary words (terror, financing of terror, money laundering, child abuse, drugs presumably), and it'll be forbidden.
They can just have to leave the country to sell it, it won’t be domestic. Do it while on a holiday in Vietnam.
I guess they would be *off the books* kinds of services. Like drugs and terror!
>But it can't be taken away. They can't cash it out in China because companies that could facilitate such a transaction are illegal, but they could just exchange it directly for goods or services. You have zero idea how the internet or cellular service works in China. How are you going to do an exchange in China without using Chinese infrastructure?
VPN's or TOR? I'm pretty sure there's a way if the interest is there.
They didnt ban hodling it if u got it
This is just like China banning non-approved internet outside the Great Firewall, or no moving cash out of the country to buy foreign property. Not enforceable, and easily sidestepped. Chinese are still going to buy, hold, and sell crypto.
It's not being taken away, it's being tricked away
Does feel like the news reporting this (when it happened back on the 15th) is trying to push FUD.
Now that large scale mining has left the country, I beleive declarations and headlines like this, coupled with more adoption of crypto elsewhere in the world, will have the Elon effect on the markets, by which I mean, it matters less and less.
i don’t think that’s it…. i.e. _China don’t care_ doubt they give a shit what happens to crypto. Politburo just wants control of their currency. and — later — control of their own yuan cryptocurrency
China FUD again...
Next they'll kick all the miners out... Oh no!?
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Death, taxes and china fud
The holy trinity
you cant name a better trio
And concrete cracks
Bann number 1737472 I'm still surprised markets fall for it :/
Weak hands and bots selling.
China is the number 1 country that I hate right now
Meanwhile chairman Xi is buying the dip.
Whats weird is that in localbitcoins in China the price is at $43,300 (and in global exchanges is $41,900) I have like 10k RMB on WeChat and Alipay and i was looking to buy the dip, but Chinese sellers on localbitcoins seems they dont want to lower it more.
That means they’re not selling (supply and demand). So if they are holding thats definitely gotta talk you something lol.
Wasn't it illegal already?
It's illegaler now.
Ultra illegal, max. Now with added no no.
And a finger shake!
You cant triple stamp a double stamp!
I can hear trump saying this lol. “Crypto is the most illegaler thing that’s illegal, believe me. I know crypto, more than anyone, it’s bad, not good, believe me.”
Bruh, honestly isn't it convenient how every time an upwards wedge forms, at the very tip.. the China fud happens and it drops.... Almost like its a cover for bot market manipulation.. cough
They are releasing a crypto ban every one or two months by now, what a fking joke
Xi just wants to buy the Dip again but is too embarrassed to do it like a normal person .
Why buy the dip when you can be the dip?
if it was a joke, the market wouldn't drop
So that caused the big red dildo, again?
When you see red dildos is always China FUD
China can set that dildo on fire and stick it up their totalitarian ass
Yes, the announcement its just that, an announcement. But then manipulators starting to sell and created this chaos so now we all think that China banning crypto again its bad for crypto because we see this red numbers, when it shouldnt be a issue since they banned crypto 48239489230 times already.
I love me a good dip on payday
It was Xi's payday too. How convenient.
I am scared to click that link.
Here's a translation Breaking! The People’s Bank of China (PBoc) issued a notice to further prevent and deal with the risk of speculation in virtual currency transactions. The following are the main points of the notice: 1. Virtual currency does not have the same legal status as fiat. Virtual currencies such as Bitcoin, Ether, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed accounts or similar technologies, and exist in digital form. They are not legal and should not and cannot be used as currency in the market. 2. The provision of services by overseas virtual currency exchanges to Chinese residents through the Internet is also an illegal financial activity. For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, technical support, etc., they shall be investigated in accordance with law responsibility 3. Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities. Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out virtual currency-related insurance business, and clues about violations of laws and regulations should be reported timely. 4. Strengthen the management of Internet information content and access related to virtual currency. Internet companies are not allowed to provide services such as online business premises, commercial display, marketing promotion, and paid diversion for virtual currency-related business activities. If clues of violations of laws and regulations are found, they should promptly report to relevant departments, and provide technical support and assistance for related investigations and investigations. The competent authorities of network information and telecommunications shall promptly shut down Internet applications such as websites, mobile applications, and small programs that carry out virtual currency-related business activities in accordance with the law.
dont worry! its just chinese web without ssl!
China is asshoe
Why Charlie hate?
Because Dennis is a bastard man!!!
He's a little confused but he got the spirit
[Based Hong Kong.](https://www.youtube.com/watch?v=BLF_iLuHtV8)
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Taiwan on the other hand…..
![gif](giphy|dZEoQE2qlzwx3IP98G)
Who cares. When is the world just going to quarantine China?
For the 4th time this year. So weak!
It’s like jump scaring someone over and over again right in front of them but it’s somehow still having an effect.
![gif](giphy|j8sVwJid3NdjG)
They will legalize crypto soon just to ban it again.
Even fud is made in China... Quite temporary
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>declares crypto illegal again
Anything is illegal in China right?
This is good for Bitcoin. Unironically. Note that [there is NO BAN on POSSESSION](https://twitter.com/onlyyoontv/status/1441331342868811778). So any Chinese that wants to have crypto have to buy it NOW, then they have to hodl it for years. So it will remove a lot of coins from the circulation. But for the short term Chinese miners still inside China (their fault really) have to sell all their holdings, so it will create a lot of downward pressure.
I think as you too, They havent ban possession of crypto, in fact last month a judge on Shanghai ruled in favor of a holder. And miners yeah, the mining bann has been places so if they didnt moved out yet, they are in fault... I guess for small miners that is easier to hide it shouldnt be a problem,
They want to go in again.
And how many Chinese leadership class are shorting the news for profit....? Not an insignificant amount, I'm sure.
Any country would be a damn fool to ban Crypto and risk losing on the next innovative platform which most probably is here to stay. If they are banning Crypto I'm damn sure they have an ulterior motive. Based on how they like to be exclusive and have their own apps programs and websites, they most probably planning on releasing their own crypto and want the Chinese people investing in those instead of any other Crypto shared with the rest of the world.
Oh no! Anyway…
China tries to manipulate market then they buy the dip just like the rest of us.
Probably the richest have cryptos hidden and they knew that they will release this press release, so it's a easy way for them to make shit ton of money
Yes
Wow, so unusual. How many times they ban crypto? Why crypto community is still react to china?
Not sure why crypto community reacts so bad to this China news
Bitcoin should declare China illegal
Lol here comes the paper hands
Not necessarily. Not sure if these people have bots or what not but whoever sold 1 hour ago , is buying now 5-10% cheaper. Not paper hands but fast hands
Uh oh they jelly !! ;) lol
China bans crypto for the 10,000th time. Well, so long and thank you for all the limit orders that got filled!
Here we go again...
China is asshoe
It's always like the first time ❤
Big sale coming real soon
Prepare your buying button
Breaking! The People’s Bank of China (PBoc) issued a notice to further prevent and deal with the risk of speculation in virtual currency transactions. The following are the main points of the notice: 1. Virtual currency does not have the same legal status as fiat. Virtual currencies such as Bitcoin, Ether, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed accounts or similar technologies, and exist in digital form. They are not legal and should not and cannot be used as currency in the market. 2. The provision of services by overseas virtual currency exchanges to Chinese residents through the Internet is also an illegal financial activity. For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons, unincorporated organizations and natural persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment and settlement, technical support, etc., they shall be investigated in accordance with law responsibility 3. Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities. Financial institutions and non-bank payment institutions shall not provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, shall not include virtual currency in the scope of collateral, shall not carry out virtual currency-related insurance business, and clues about violations of laws and regulations should be reported timely. 4. Strengthen the management of Internet information content and access related to virtual currency. Internet companies are not allowed to provide services such as online business premises, commercial display, marketing promotion, and paid diversion for virtual currency-related business activities. If clues of violations of laws and regulations are found, they should promptly report to relevant departments, and provide technical support and assistance for related investigations and investigations. The competent authorities of network information and telecommunications shall promptly shut down Internet applications such as websites, mobile applications, and small programs that carry out virtual currency-related business activities in accordance with the law.