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Due to the anonymity and cross-border options of Bitcoin, organizations providing Bitcoin-connected services should implement preventive measures like KYC to prevent money Xtraderfx laundering. Any suspicious activity together with fraud, gambling and money laundering should to be reported to the authorities.
Organizations providing Bitcoin-connected services ought to coach the public concerning Bitcoin and also the technology behind it and not mislead the general public with misinformation.
In layman’s term, Bitcoin is categorized as a virtual commodity (e.g in-game credits,) which will be bought or sold in its original form and not to be exchanged with fiat currency. It can’t be outlined as money- one thing that is a medium of exchange, a unit of accounting, and a store of value.
Despite the notice being dated in 2013, it’s still relevant on the subject of the Chinese government stance on Bitcoin and as mentioned, there is no indication of the banning Bitcoin and cryptocurrency. Rather, regulation and education concerning Bitcoin and blockchain will play a role within the Chinese crypto-market.
A similar notice was issued on Jan 2017, again emphasizing that Bitcoin is a virtual commodity and not a currency. In September 2017, the boom of initial coin offerings (ICOs) led to the publishing of a separate notice titled “Notice on Preventing Monetary Risk of Issued Tokens”. Soon when, ICOs were banned and Chinese exchanges were investigated and eventually closed. (Hindsight is 20/twenty, they have made the proper call to ban ICOs and stop senseless gambling).
Another blow was dealt to China’s cryptocurrency community in January 2018 when mining operations faced serious crackdowns, citing excessive electricity consumption.
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