Wu said the author|Colin Wu
Editor of this issue | Colin Wu
Wu said the author|Colin Wu
Editor of this issue | Colin Wu
On the afternoon of September 24, two documents led by the National Development and Reform Commission and the Central Bank were issued at the same time, and the contents were very detailed. What are the specific novelties worth noting.
The first thing to note is that the central bank documents were released on September 15, and the mining documents were released on September 3. They should have been circulated internally before, and the government departments issued them publicly on the afternoon of September 24. Previously, the community had rumored on the 15th that a major policy would be introduced, and it seems that what was said was true.
A few things worth noting about mining documents:
1. Clearly list virtual currency "mining" activities as an eliminated industry. Implement the electricity price of "eliminated" enterprises, and the price increase standard is 0.30 yuan per kWh. As we all know, the National Development and Reform Commission previously listed the eliminated industries in 2019 and then deleted them. With this clear inclusion, there is no longer any doubt about the status of the industry. The way for the mining regular army to go overseas is more clear.
2. Put forward the overall idea of "strict monitoring, strict risk prevention, strict prohibition of increment, and proper disposal of stock", "under the premise of ensuring a smooth transition, scientifically determine the exit timetable and implementation path in light of the actual situation of each region". Be positive and steady. In the process of rectifying virtual currency "mining" activities, it is necessary to actively act and steadily advance, not only to achieve accelerated withdrawal, but also to properly resolve conflicts and disputes to ensure social stability. How to properly handle the stock is still unknown.
3. Conduct a comprehensive investigation on whether there are virtual currency "mining" activities in big data industrial parks and high-tech parks, accurately distinguish between data centers and virtual currency "mines", and ensure that the local virtual currency "mining" investigation work does not leave blank ; Resolutely put an end to power generation companies, especially small hydropower companies, supplying power to the virtual currency "mining" project network, direct power supply through dedicated lines, etc. The measures are very targeted.
Regarding the central bank document, it is more detailed and has more content:
1. Increased strike force. Compared with the previous documents of five ministries and seven ministries and commissions, 10 institutions participated this time, including the Supreme Law, the Supreme People's Procuratorate, the Ministry of Public Security and other powerful departments. In addition, the State Administration of Foreign Exchange also participated in it, indicating that the crackdown and enforcement efforts may be even stronger. big.
2. Stablecoins are valued. Clearly put forward Bitcoin, Ethereum, and TEDA, which were more collectively referred to as virtual currencies before. On July 8, 2021, Fan Yifei, deputy governor of the People's Bank of China, stated that the so-called "stable coins" of some commercial organizations, especially the global "stable coins", may bring risks and risks to the international monetary system, payment and settlement system, etc. challenge. It shows that stable currency has begun to enter the vision of policymakers, and policy risks are intensifying.
3. The risk of domestic workers increases. The notice stated that “offshore virtual currency exchanges providing services to residents in my country through the Internet are also illegal financial activities. For domestic staff of relevant overseas virtual currency exchanges, and those who know or should know that they are engaged in virtual currency-related businesses, they are still responsible. Legal persons, unincorporated organizations, and natural persons who provide services such as marketing and publicity, payment and settlement, and technical support shall be held accountable in accordance with the law."
4. The notice states that if any legal person, unincorporated organization or natural person invests in virtual currency and related derivatives, which violates public order and good customs, the relevant civil legal act is invalid, and the losses arising therefrom shall be borne by itself. The notice does not say that all investments are invalid, but the definition of "public order and good customs" is relatively vague and may be a focus in the future.
Read: Notice on Further Preventing and Dealing with the Risk of Hype in Virtual Currency Transactions
https://www.ndrc.gov.cn/xwdt/tzgg/202109/t20210924_1297475.html?code=&state=123
According to the "Risk Reminder on Preventing Illegal Fundraising in the Name of "Virtual Currency" and "Blockchain" issued by the China Banking and Insurance Regulatory Commission and other five departments, readers are requested to abide by the laws and regulations of the region where they are located. The content of this article does not endorse any promotion of business and investment activities. , Investors are asked to raise awareness of risk prevention. Wu said that the content published on the blockchain is prohibited from being reproduced, copied, etc. without permission, and those who violate it will be held legally accountable.
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