Don't dream of "getting rich overnight" anymore. The country is directly trying to block the last "gap" of virtual currency.
Just yesterday, the central bank held a tough meeting specifically targeting "virtual currency trading speculation".
The core message can be summed up in three points:
First, the definition hasn't changed. Bitcoin and Ethereum are definitely not money in the country; they cannot be used as money. Anyone who dares to circulate them will be breaking the law.
Second, the business red line: anyone involved in virtual currency exchange or trading facilitation is considered to be engaging in "illegal financial activities" and will be arrested.
Third, a new focus: this time, the spotlight is on "stablecoins" (like USDT), which are clearly stated to be accomplices in money laundering, fraud, and illegal cross-border fund transfers, making them impossible to regulate, thus must be severely cracked down on.
Everyone should pay attention to a term in the news called "coordinated mechanism," indicating that this is not just the central bank's issue; it's a joint effort by public security, the judiciary, and the internet information office.
Previously, people thought trading coins was a personal freedom. Now, the authorities tell you this is called "illegal financial activity." The harshest part of this is the characterization of "stablecoins": it was previously seen by many as a tool to bypass foreign exchange controls, but now the authorities equate it directly with "illegal cross-border fund transfers." What does this mean? It means that buying and selling USDT in the future will no longer be a simple investment activity; it could very well be classified as an accomplice to "disguised foreign exchange trading" or even "money laundering."
Those still engaging in OTC (over-the-counter trading) as merchants and "crypto big shots" face heightened risks. Previously, it might have just been freezing accounts, but now there is a high probability they will be classified as engaging in "aiding and abetting crimes" or "illegal business operations," which could lead to imprisonment.
Ordinary retail investors should take note; the state has stated that it "does not have legal compensation," meaning if you are scammed on a platform, if an exchange runs away, or if USDT crashes, the law does not protect you. Reporting to the police will be useless; your money is gone.
In the long run, the digital RMB will be the biggest winner. Now that the country has blocked the "wild path," it is paving the way for legal digital currency.
For ordinary people, it's best to completely abandon the thought of "getting rich by trading coins" and protect your bank cards and credit records. As long as you live in the country, do not touch virtual currencies. That is not a trend; it is now a fast track to detention center $BTC $ETH #美联储降息 #代币化热潮
Just yesterday, the central bank held a tough meeting specifically targeting "virtual currency trading speculation".
The core message can be summed up in three points:
First, the definition hasn't changed. Bitcoin and Ethereum are definitely not money in the country; they cannot be used as money. Anyone who dares to circulate them will be breaking the law.
Second, the business red line: anyone involved in virtual currency exchange or trading facilitation is considered to be engaging in "illegal financial activities" and will be arrested.
Third, a new focus: this time, the spotlight is on "stablecoins" (like USDT), which are clearly stated to be accomplices in money laundering, fraud, and illegal cross-border fund transfers, making them impossible to regulate, thus must be severely cracked down on.
Everyone should pay attention to a term in the news called "coordinated mechanism," indicating that this is not just the central bank's issue; it's a joint effort by public security, the judiciary, and the internet information office.
Previously, people thought trading coins was a personal freedom. Now, the authorities tell you this is called "illegal financial activity." The harshest part of this is the characterization of "stablecoins": it was previously seen by many as a tool to bypass foreign exchange controls, but now the authorities equate it directly with "illegal cross-border fund transfers." What does this mean? It means that buying and selling USDT in the future will no longer be a simple investment activity; it could very well be classified as an accomplice to "disguised foreign exchange trading" or even "money laundering."
Those still engaging in OTC (over-the-counter trading) as merchants and "crypto big shots" face heightened risks. Previously, it might have just been freezing accounts, but now there is a high probability they will be classified as engaging in "aiding and abetting crimes" or "illegal business operations," which could lead to imprisonment.
Ordinary retail investors should take note; the state has stated that it "does not have legal compensation," meaning if you are scammed on a platform, if an exchange runs away, or if USDT crashes, the law does not protect you. Reporting to the police will be useless; your money is gone.
In the long run, the digital RMB will be the biggest winner. Now that the country has blocked the "wild path," it is paving the way for legal digital currency.
For ordinary people, it's best to completely abandon the thought of "getting rich by trading coins" and protect your bank cards and credit records. As long as you live in the country, do not touch virtual currencies. That is not a trend; it is now a fast track to detention center $BTC $ETH #美联储降息 #代币化热潮
