Reasons for banning virtual currency in mainland China

Virtual currency in mainland China is banned

The main reason is the existence of financial risks

In a field lacking regulatory rules, it will definitely grow wildly

First, it leads to foreign exchange loss. You must know that our country is a country with mandatory foreign exchange control. The potential risk is that speculative capital will flee, which will lead to instability. Because of the emergence of stable USDT, there will be more or less capital outflow. It has the characteristics of stability, anonymity and cross-border accessibility. There will be a situation where virtual currency purchased with RMB will flow out of the country and be exchanged for virtual currency. The actual situation is more serious

The second

is the problem of stolen money. Due to the anonymity of virtual currency and the increasing efforts of domestic card-cutting actions, virtual currency can often be seen in black and gray industries, electronic fraud, online gambling and even new types of illegal and criminal activities. There is nothing wrong with the tools themselves, but it is used by many people because of its particularity.

Nowadays, criminals have been dumped out of the tools used for contract settlement. Although the above two points determine that the mainland of China cannot support virtual currency transactions in a short period of time. But with the continuous improvement of laws and regulations, Hong Kong has gradually opened up the virtual currency trading market.

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