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Why does China boycott Bitcoin

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Why does China boycott Bitcoin

Why does China boycott Bitcoin? Do China boycott Bitcoin? Why does the Chinese government boycott Bitcoin? Next, let Planet Jun (WeChat: o-daily) and everyone take a look together US President Trump said, “We are considering banning digital currencies.” This time, it was raised at a congressional hearing in the United States – “If the US government does not allow the use of encryption technology for innovation,” it will trigger global criticism of the United States However, China is still very conservative in its policies. According to a report by the Washington Post, “Chinese lawmakers are planning to use a series of legal measures to restrict the use of digital payment forms, including ICO issuance, mining, and other types of behavior.” This is a major issue. “According to media reports, they also hope to see the People’s Bank of China and other national institutions take more measures to prevent the use of digital dollars. So, I think there has been some progress in this matter

Janet Yellen, the United States Secretary of the Treasury, stressed that “the US must stop providing services to illegal entities and prevent these activities”, she explained. The United States needs to comply with all applicable federal regulations, otherwise it will be hit. In addition, the United States should ensure that it is not subject to any regulation. In fact, the United States has been trying to control the Bitcoin market. On July 28 last year, it was reported that Janet L. Yellen, United States Secretary of the Treasury, issued a public statement saying that the US government has begun to study how to disable digital asset trading. However, the US authorities currently do not provide a clear timetable as it may not be able to implement sanctions against Russia. The announcement states: “In order to protect consumers, the People’s Bank of China will enact a bill requiring central banks of various countries to immediately suspend all commercial activities related to virtual currencies and in some cases close their businesses. Such actions may cause serious social conflicts.” However, it is worth noting that even in the current environment, any new digital dollar projects that the United States may launch in the coming months cannot be ruled out. Although the US government seems to support the idea of adopting digital currency in the US and has been working hard to promote this process recently, the US has not actively promoted the relevant measures as expected

Why is Bitcoin Prohibited in China

Recently, the General Office of the CPC Central Committee and the State Council decided to prohibit the transaction and use of virtual currencies such as Bitcoin. China has very clear provisions on the legal status of Cryptocurrency – Article 25 of the Commodity Futures Law of the China stipulates that all buyers and sellers must sign legal contracts and perform their duties before they can trade. The relevant provisions of the People’s Bank of China Law on restricting participation in digital currency transactions have been issued by the People’s Bank of China. Why is Bitcoin business prohibited in China? Because according to relevant regulations, exchanges operating outside of China are prohibited from providing services to domestic customers and financial institutions that receive their services from providing account opening and fund clearing services; In addition, in order to prevent money laundering risks, fines or imprisonment of up to 10000 yuan are also imposed on mining and trading activities using special currency.

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