Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

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Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

Bitcoin suffered a major crisis in life, according to the latest news predicts that in September 30th this year, the full stop trading business, shutting down all platforms. It's a bolt from the blue for people who invest in bitcoin, and the drop in bitcoin has plunged other virtual currencies. So why is bitcoin facing a halt in trading? What is the future trend?

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

Bitcoin China will shut down - stop trading business in September 30th

In September 4th, the people's Bank, Chinese central network information office, Ministry of industry and information technology, the State Administration for Industry and commerce, the CBRC, CSRC and CIRC jointly issued "on the issue of financing risk prevention notice" tokens, coins began to ring falls. Today, bitcoin China announced this month to stop all trading business, falls more violent. When you feel there is a bottom, it really has no bottom.

Bitcoin China announcement: will stop all transactions in September 30th. 1. bitcoin China digital asset trading platform from today to stop the registration of new users; 2.2017 years in September 30th, the digital asset trading platform will stop all transactions.

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

At the same time, the currency ring began to panic. Because you do not know, OKcoin and fire money network and other front-line platforms will be closed?. Earth coins, star coins, gold coins, coins and other virtual coins fell by more than 30%. Even relatively stable bitcoin and etheric sites are beginning to tumble.

Some people refresh account balances less tens of thousands. Some investors with more investment, one refresh accounts less, dozens of millions. The picture is so beautiful that I can't believe it. Please always remember this day. September is the nightmare of the coin circle

In addition, bitcoin China said, bitcoin China's ore pool (national pool) and other business will not be affected, continue to operate normally; want to continue to hold bitcoin and other virtual currency customers can normally raise money.

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

Bitcoin China will shut down - bitcoin analysis

On September 13th, the China Internet Financial Association issued a notice on preventing the risks of so-called virtual currencies such as bitcoin (hereinafter referred to as the "prompt"). Up to now, the Beijing Shanghai has 3 industry associations issued to investors such as bitcoin virtual currency risk related aspects of the prompt. Industry experts pointed out that the original intention of supervision is to guard against financial risks and protect the interests of investors.

"Prompt" pointed out that the so-called "virtual currency bitcoin" lack of clear value basis, investors participate in speculation, facing the risk of price fluctuations, safety risk and technology risk; platform is also high, the international has multi trading platform hacking theft, investors should bear the investment risk. At the same time, all kinds of so-called "currency" trading platform in our country there is no legal basis for the establishment.

Communications Bank financial research center chief researcher Zhou Kunping pointed out to reporters, bitcoin is actually similar to the commodity, can not be called "currency", because it does not have any credit base, there is no endorsement. Since the collapse of the Bretton Woods system, the currencies used by the people are all credit, such as the renminbi and the US dollar, all of which are endorsed by national credit.

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

As a currency, its supply should have a certain degree of matching with economic and financial development. There should be no upper limit of the total amount, but there is an upper limit for bitcoin." Zhou Kunping further pointed out: "if it is a commodity, it must be circulated and traded.". But bitcoin trading is very small, accounting for only about 10% of the total value. From the supply of scarce, small trading scale and so on, bitcoin does not have the attributes of goods."

"Unlike sovereign currency," virtual currency "and" credit "is based on a mathematical algorithm, the price depends on the reliability of the algorithm and the confidence of the market and other factors, there are still many defects and loopholes in the technology, such as hacker attacks occurred on several occasions causing investors bitcoin loss situation, the value foundation is very fragile. A large number of small and medium investors to participate in, the risk is enormous." Some industry experts pointed out that "in fact, on the point of bitcoin trading point (i.e. OTC) confirmed the need for 1 hours, and the holders of dispersion, the over-the-counter market is not active, more than 90% of the global bitcoin trading account number less than 10 years. 98% domestic bitcoin transactions are conducted through bitcoin trading platform, bitcoin trading platform with information intermediary and transaction intermediary functions, most bitcoin trading platform to assume a central counterparty function, providing information and trading convenience for speculation, is an important cause of bitcoin market risk."

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

The industry experts also pointed out that, in order to bitcoin and all kinds of "virtual currency" for illegal financial activities in the form of support for diversity, and spreading, such as the recent emergence of virtual currency issue (ICO) activities, financed by the issue of virtual currency. These activities use "virtual currency" concept of innovation, implementation of illegal financial activities of all kinds of packaging, and all kinds of characteristics of the bitcoin virtual currency is difficult to track, the definition and combat more difficult to identify, illegal financial activities. In addition, bitcoin is increasingly becoming an accomplice of all kinds of illegal and criminal activities, which pose a social risk. One of the original intentions of bitcoin is to avoid supervision, with anonymity, cross-border mobility and other features, has become the "underground economy" preferred tool." The experts pointed out that.

Zhou Kunping said, bitcoin distributed algorithm, so the business is very subtle, to circumvent the regulation, but also become a hotbed of criminals, such as money laundering crime overall, bitcoin has three major risks, namely speculative risk, high risk of money laundering, illegal criminals or by the organization risk.

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

Bitcoin China will shut down the future trend of virtual currency

For the recent gradual escalation of ICO regulation, Sun Guofeng, director of the Institute of financial research of the people's Bank of China pointed out that the current halt ICO is very necessary and timely. ICO is suspected of illegal sale promissory notes, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other criminal activities, but this does not prevent the relevant financial and technology companies, industry organizations, technology companies to continue to study the block chain chain block technology, technology itself is good, not only by ICO in order to study the blockchain technology.

Sun Guofeng further pointed out that it is necessary to distinguish the blockchain technology and ICO, block chain technology can be used in many areas, the scene, block chain and ICO should not be equated, need to further broaden the research and development of block chain technology field. But financial science and technology still have a strong risk characteristics, we must strengthen supervision. Some financial technology supervision experience in the United States is worthy of reference to China, especially its penetrating regulation and functional supervision. The "regulatory sand box" in general is not suitable for large-scale development in china.

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies

"In fact, the" sand box supervision "can reflect the penetration of supervision, each other is not contradictory. China's financial volume is large, the "sand box supervision" requirements and capabilities higher." Shao Wei said, in order to activate the financial market development, financial technology companies and banks to compete, only through supervision can protect the traditional stick model, and the "regulatory sandbox" and through combination can adapt to the development characteristics of modern financial market.

Shao Wei said, now, the Commission began to focus on the cultivation of investors, the market supply and demand coordination cognition, regulators need to pay attention to the problem, "tangible exchange supervision and not limit the development of the market, and develop the market, to protect the interests of investors is the starting point of supervision."

Bitcoin China will shut down! September 30th full stop trading business, during which customers can still raise money! The future of virtual currencies