Why did China stop Bitcoin (why did China ban Bitcoin)

Why did China stop Bitcoin? Why did China stop Bitcoin On December 10th, the People’s Bank of China held a press conference. At the meeting, Fan Yifei, Vice Governor of the Central Bank, said, “We will resolutely crack down on the mining and trading of virtual currencies” and “strictly prohibit the use of various token issuance and financing activities”. At the same time, it is pointed out that “no unit or individual shall illegally engage in business activities related to ICO”. For citizens or legal entities participating in digital asset investment, they do not have legal rights and interests within China, “said Yang Dong, Deputy Director of the National Internet Financial Security Technology Expert Committee, At present, multiple institutions have submitted applications to relevant departments to conduct thorough investigation and risk monitoring analysis of relevant enterprises, and will cooperate with relevant departments to further clean up and rectify. In addition, he emphasized the importance of Chinese government regulation and requested that regions promptly introduce corresponding measures to promote the healthy development of the industry

Then why should China stop mining and trading Cryptocurrency The following is the full speech edited and organized by the Daily Planet Daily: Dear old friends, hello everyone! I am your friend Wu Shuo blockchain. My content for today mainly starts from three aspects:

1. Please do not use your WeChat account to send messages to mess up the market; If you don’t believe this article, I won’t write it anymore; 3. We will leave a message for you to share our information about Bitcoin; 4. If you don’t trust this public figure, make a joke; 5. Don’t invest your money because it’s a small country scam. (Note: This article is for reference only and does not constitute commercial advice.) Thank you for your reading and support. (If you need to reprint the works or provide legal documents, please contact the compiler)

Why China prohibits Bitcoin

According to CCN reports, the People’s Bank of China (PBoC) has officially issued a notice stating that it is prohibited to trade Cryptocurrency such as Bitcoin, Litecoin and Monero since October 1, 2017. The central bank said, “In the past decade, we have been working hard to crack down on virtual assets.”

Why has China included Bitcoin in its regulatory system?

? Why is it legal to ban Bitcoin from being used in China as an important tool for Internationalization of the renminbi? The prohibition is not a reason to replace the US dollar as the world’s reserve currency. Prohibitions are not designed to ban Bitcoin, but are resolved through restrictions. Because anyone can purchase, store, and trade Bitcoin domestically, ‘restrictions’ are just a simple reason. If this is the case, it may lead to governments implementing bans on digital assets and formulating relevant regulations.