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What is Bitcoin Country Pool (how Bitcoin is defined domestically)

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What is Bitcoin Country Pool

What is Bitcoin Country Pool Editor’s note: This article is from Babbitt Information (ID: bitcoin8btc), written by Robert Stevens, translated by Wendy, and published by Planet Daily with authorization Bitcoin State Pool is a decentralized protocol that allows participants to manage their assets and network governance decisions in a transparent manner. By using this agreement, the interests of participants are protected. The Bitcoin national pool is related to the Bitcoin sovereign blockchain. In the Bitcoin system, having multiple independent entities or “committees” is often referred to as miners, which means they can control their own data, resources, and all other factors. These organizations are composed of national institutions. To achieve this, the Bitcoin pool also includes individual members such as Bitcoin Core contributor and BitGo co-founder Roger Ver. Since no one will directly obtain Cryptocurrency from any government department, it is impossible to supervise these groups However, if the Bitcoin community chooses someone else, what should this process be? In fact, this will be a complex process that requires understanding many different concepts and making some changes to complete. What is BTC Country Pool? The Bitcoin Country Pool is created specifically for specific types of financial institutions in the Bitcoin ecosystem. The roles of Bitcoin countries include wallet addresses for executing Bitcoin transactions, providing funding services, hosting wallets, supporting infrastructure for smart contracts, coordinators/servers, and security tools, among others, including some examples of Bitcoin Central Bank Digital Currency (CBDC). They also include exchanges and other services The working method of Bitcoin Treasury is similar to a centralized company or a public consortium, but it is not decentralized. The laws, regulations, and operations of each country are established based on the operation of Bitcoin. The working principle of Bitcoin State Pools is different from the power structure of central banks. When a central bank attempts to change rules, its task is to make it a single payment solution rather than a central institution. In addition, this mechanism makes the issuance of Bitcoin more transparent and traceable. However, for most countries, this is a relatively new model Why adopt the mechanism of Bitcoin central bank? Because the central bank may not be able to decide who will manage assets; On the contrary, it is the best place to control the Bitcoin market while maintaining its control and reputation, without relying on Centralisation. For example, the Internal Revenue Service may believe that if a country wants to distribute its tokens to US citizens, they can submit a report to the US Treasury Department to determine which entities may violate the AML/KYT regulations, thus leading to illegal acts At present, only a few central institutions can supervise this issue, and the vast majority of them belong to the Bitcoin Foundation, so there are no large enterprises like Coinbase

What is the definition of Bitcoin in China

According to Caixin, after Bitcoin was defined as a “currency” in China, what is it said in the Chinese legal system?

Article 122 of the General Principles of the Civil Law of the People’s Republic of China points out that the state recognizes Bitcoin as legal property and protected by law. At the same time, regulations such as the Law of the People’s Bank of China and the Interim Measures for the Administration of RMB Financial Asset Transactions have provisions and interpretations. The provisions of Paragraph 54 of Chapter 25 of the Regulations on preventing the financing risk of token issuance put forward that no unit or individual shall illegally engage in ICO (Initial coin offering) activities; Article 325, Paragraph 1, Item 6: “Virtual Commodity Trading Market”.

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