The mainland media reported that three major financial associations have jointly announced that financial institutions and payment institutions are not allowed to conduct business related to virtual currencies. Bitcoin has recently turned volatile, falling through $43,000 on Tuesday night, down more than 2% in 24 hours.
The above announcement was made by the China Internet Finance Association, China Banking Association and China Payment Clearing Association, stating that financial institutions, payment institutions and other members should effectively enhance their social responsibility and should not use virtual currency to price their products and services, underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, or provide other services related to virtual currency directly or indirectly for their customers The following services shall not be provided to customers, including but not limited to: providing customers with virtual currency registration, trading, clearing and settlement services; accepting virtual currency or using virtual currency as a payment and settlement tool; conducting exchange services between virtual currency and RMB and foreign currencies; conducting storage, custody and mortgage services for virtual currency; issuing financial products related to virtual currency; using virtual currency as the investment underlying of trusts, funds and other investments, etc.
Financial institutions, payment institutions and other member units should effectively strengthen the monitoring of virtual currency trading funds, rely on the industry self-regulatory mechanism, strengthen risk information sharing, and improve the level of joint prevention and control of industry risks; if illegal and irregular clues are found, measures such as restricting, suspending or terminating relevant transactions and services should be taken in a timely manner and reported to the relevant departments Report; at the same time actively use multi-channel, diversified means of reaching, strengthen customer publicity and warning education, and take the initiative to do a good job involving virtual currency risk tips.
The member units of Internet platform enterprises shall not provide network business premises, commercial display, marketing propaganda, paid diversion and other services for virtual currency-related business activities, and shall promptly report to relevant departments when they find clues of related problems and provide technical support and assistance for related investigation and detection work.
Bitcoin last week walked away with 760 million the most ever
Bitcoin’s “leading” position was shaken again! Bitcoin outflows reached a record high of US$98 million (HK$764 million) last week, as investors began to shift their focus from bitcoin to other virtual currencies, and bitcoin’s price was further weakened by SpaceX founder Musk’s “exit strategy”.
The latest data released by digital currency management firm CoinShares shows the size of outflows from bitcoin products and funds last week, equivalent to 0.2% of its total assets under management. Year-to-date, investors have put just $4.3 billion into bitcoin and its derivatives, less than a third of the $15.6 billion in net inflows last year.
According to Matt Weller, head of global market research at Forex.com, Musk’s comments have focused a group of virtual currency investors on bitcoin’s high energy consumption, pushing up ethereum’s appeal. Felix Dian, founder of virtual currency investment firm MVPQ, also believes that bitcoin has lost momentum on a technical level and, coupled with environmental concerns, the market’s appetite for bitcoin purchases is expected to continue to decline.
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