Topic: [2017-03-13]PBOC official: 6 red lines that bitcoin exchanges must not breach (Read 320 times)
March 13, 2017, 11:55:10 PM
Bitcoin is a major innovation in the development of Internet technology and the best work of blockchain technology. Therefore, promotion and technology development blockchain can be observed through Bitcoin. PBOC will implement functional regulation in terms of payment and settlement, account management, anti-money laundry and foreign exchange management bitcoin exchanges will be placed under the regulations of the local commodity exchanges. Local financial institutions will be responsible for this problem.
March 13, 2017, 08:21:50 PM
Title is a bit like "Hey click on me!". To me these 6 'red line' points look like a normal set of rules that should apply to basically every exchange. If you look at how exchanges (Chinese or non Chinese) have developed their platform, then it's clearly visible that they try to generate as much profit as possible with offering all kinds of fancy trading options, leverage, loaning, fiat trading, etc. It's no surprise that governments jump in to put proper regulations in place. In some cases the timing makes me doubt about their real intentions, but after all, it was to be expected.
If you read between the lines, you may find the big three may no longer be an exchange, only a website.
March 13, 2017, 05:36:46 AM
Title is a bit like "Hey click on me!". To me these 6 'red line' points look like a normal set of rules that should apply to basically every exchange. If you look at how exchanges (Chinese or non Chinese) have developed their platform, then it's clearly visible that they try to generate as much profit as possible with offering all kinds of fancy trading options, leverage, loaning, fiat trading, etc. It's no surprise that governments jump in to put proper regulations in place. In some cases the timing makes me doubt about their real intentions, but after all, it was to be expected.
March 13, 2017, 03:03:50 AM
PBOC official: 6 red lines that bitcoin exchanges must not breach
note: Zhou Xuedong is the representative of NPC and the Director of PBOC Operation Management Department. During the two sessions, he submit 10 proposals, one of which is about the management of bitcoin. Below is the transcript of his speech on the meeting of two sessions.
The second issue is on the supervision of Bitcoin. In these two years, Bitcoin and other so-called network virtual currency are quite popular among young people. Most of the investors are younger generations. Therefore, my proposal on strengthening the regulation of virtual goods such as Bitcoin may be of concern to young people. There was news this morning saying that the SEC rejected the application of listing Bitcoin ETF on a public exchange.
http://news.8btc.com/pboc-official-6-red-lines-that-bitcoin-exchanges-must-not-breach
note: Zhou Xuedong is the representative of NPC and the Director of PBOC Operation Management Department. During the two sessions, he submit 10 proposals, one of which is about the management of bitcoin. Below is the transcript of his speech on the meeting of two sessions.
The second issue is on the supervision of Bitcoin. In these two years, Bitcoin and other so-called network virtual currency are quite popular among young people. Most of the investors are younger generations. Therefore, my proposal on strengthening the regulation of virtual goods such as Bitcoin may be of concern to young people. There was news this morning saying that the SEC rejected the application of listing Bitcoin ETF on a public exchange.
http://news.8btc.com/pboc-official-6-red-lines-that-bitcoin-exchanges-must-not-breach
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