China Further Regulates Virtual Currency Speculation, Qualifies as Illegal Financial Activities
On September 24, the People's Bank of China and other 10 departments issued a notice on further prevention and disposal of the risk of speculation in virtual currency trading. The notice clarified that virtual currency exchange, buying and selling virtual currencies as central counterparties and other virtual currency-related businesses are all illegal financial activities, and are strictly prohibited and resolutely banned according to law.
On the same day, China's National Development and Reform Commission and other departments issued a notice on the rectification of virtual currency "mining" activities, requiring the strengthening of virtual currency "mining" activities in accordance with the general idea of "strict monitoring, strict prevention of risks, strict prohibition of incremental amounts, proper handling of the stock". The company has also issued a notice on the regulation of virtual currency "mining" activities, which requires strengthening the supervision of the whole industry chain of upstream and downstream virtual currency "mining" activities, strictly prohibiting new virtual currency "mining" projects, and accelerating the orderly withdrawal of the stock projects.
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