China reaffirms tighter regulation of virtual currencies_China.org.cn

China has tightened supervision of virtual currencies in order to ward off further financial risks and to prevent speculation in the virtual currency business.

Bitcoin mining and trading activities are being cracked down on, according to a new statement from a meeting of the State Council’s Financial Stability and Development Committee last week.

The meeting also highlighted reducing credit risks and tightening the rules governing the financial activities of platform companies.

The statement came just days after three Chinese industry associations announced tougher restrictions on trading virtual currencies.

In addition, the statement is widely viewed as a further tightening of China’s regulation of virtual currencies, as the goals for supervision have now expanded from pure bitcoin trading to bitcoin mining (the production of bitcoins). This escalation helps to break the hype about virtual currency transactions at the root.

Members of financial institutions, payment institutions and other agencies are not allowed to use virtual currency to set prices for products or services, according to an announcement by the Chinese industry associations for Internet finance, banking and payments.

Internet platform companies are also not allowed to offer services for business activities in connection with virtual currencies. In addition, it is not permitted to subscribe to insurance transactions in connection with virtual currencies or to include virtual currencies in insurance liability.

Virtual currencies, a type of specific virtual goods that are mainly represented by Bitcoin, would not have any monetary properties. For example, they do not have legal tender status, said Dong Ximiao, senior researcher at Merchants Union Consumer Finance Company Limited.

Participating in illegal Bitcoin trading and speculation activities could lead to large asset losses for investors and therefore affect China’s financial stability and social order, said Dong. Such activities would therefore have to be corrected.

<!–enpproperty 775252102021-05-25 13:59:51:900China,Regulierung,virtuelle WährungenFinanzstabilität虚拟货币监管加码 “挖矿”或成历史10037227463WirtschaftWirtschafthttp://images.china.cn/site1003/2021-05/25/t2_(1X0X600X337)e5707af3-883f-409d-809c-28af261823fe.jpghttp://images.china.cn/site1003/2021-05/25/t2_(1X0X600X337)e5707af3-883f-409d-809c-28af261823fe.jpghttp://german.china.org.cn/txt/2021-05/25/content_77525210.htmnullChen Qiangerman.china.org.cnNachdem sich bereits vor wenigen Tagen drei chinesische Industrieverbände ähnlich geäußert hatten, hat nun auch das Komitee für Finanzstabilität und Entwicklung des Staatsrats klargemacht, dass China virtuelle Währungen strenger regulieren werde. 1/enpproperty–>- .