Bitcoin Can Not Be Used As Currency.

< p > to protect the public's property rights and interests, protect the legal tender status of < a href= "http://cailiao.sjfzxm.com/" > /a > /a, prevent money laundering risks and maintain financial stability, the people's Bank of China, Ministry of industry and information technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission have jointly issued the notice of the China Securities Regulatory Commission of the people's Bank of China Ministry of industry and information technology on the prevention of bitcoin risks (silver hair [2013] 289, hereinafter referred to as the "notice").

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< p > the notice specifies the nature of bitcoin. It is believed that bitcoin is not issued by the authorities of < a href= "//www.sjfzxm.com/news/index_cj.asp" > currency < /a >. It does not have monetary attributes such as compensation and compulsion, and is not a real currency.

In nature, bitcoin is a specific virtual commodity, and does not have a legal status equal to money. It can not and should not be used as a currency in circulation in the market.

However, bitcoin pactions as a kind of Internet commodity trading behavior, ordinary people have the freedom to participate in the premise of their own risk.

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Financial institutions and Payment institutions are not allowed to make bitcoin products or services for sale at the present stage. They should not buy or sell bitcoins as a central competitor, or undertake insurance business related to bitcoin, or include bitcoin in the scope of insurance liability. They shall not directly or indirectly provide other services related to bitcoin for customers, including providing bitcoin registration, trading, clearing and settlement services; accepting bitcoins or using bitcoin as payment and settlement tools; carrying out the exchange service of bitcoins and Renminbi and foreign currencies; developing bitcoin storage, trusteeship and mortgage business; issuing related financial products related to bitcoin; issuing bitcoin as investment target of trust, fund and so on. <

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< p > "notice" stipulates that the bitcoin Internet website as the main trading platform of bitcoin shall be filed in accordance with the regulations of the People's Republic of China telecommunication regulations and the Internet information service management regulations according to law.

At the same time, in view of the high risk of money laundering and the risk of criminals being exploited by bitcoin, the circular requires relevant institutions to perform the statutory anti money laundering obligations in accordance with the requirements of the People's Republic of China anti money laundering law, such as customer identification and suspicious paction reports, so as to guard against the risk of money laundering related to bitcoin.

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< p > in order to avoid excessive speculation in the name of "virtual currency" such as "a href=" //www.sjfzxm.com/news/index_p.asp "bitcoin" /a "and damaging the public interest and the legal tender status of RMB, the notice requires that financial institutions and Payment institutions should correctly use the concept of money in their daily work, pay more attention to the education of money knowledge of the public, and include the correct understanding of currency, the correct view of virtual commodities and virtual currencies, rational investment, reasonable control of investment risks, and safeguarding their own property safety into the contents of financial knowledge popularization activities, so as to guide the public to establish correct currency concepts and investment ideas.

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