An overview of the Chinese government’s attitude towards cryptocurrencies
Phase 1
On December 3, 2013, the five ministries and commissions of the Central Bank issued a notice on preventing financial risks of Bitcoin, stating that Bitcoin is a specific virtual commodity and does not have the same legal status as currency. It cannot and should not be circulated in the market as currency.
At that time, it was 6,000 yuan each.
Phase 2
On September 4, 2017, the People’s Bank of China and seven other departments issued an announcement prohibiting ICO activities and providing exchange, buying and selling pricing intermediary services for cryptocurrencies.
Domestic crypto exchanges forced to close and move overseas
At that time, it was 30,000 yuan each.
[Third Stage]
On September 24, 2021, the People's Bank of China and ten other departments issued a notice.
Again defines cryptocurrency and related business activities as illegal financial activities.
All domestic Bitcoin mining activities are strictly prohibited.
All minerals are transferred to other countries.
At that time, Bitcoin was 300,000.
[Fourth Stage]
On April 15, 2024, Hong Kong unprecedentedly approved three institutions to issue Bitcoin spot ETFs, marking a very important step for Hong Kong on the path to becoming an international virtual asset financial center, 400,000 yuan.
Decades of suppression by various governments have not eliminated Bitcoin, which has appreciated and grown by tens of millions of times.
The United States has been suppressing it, and now wants to prepare Bitcoin as a reserve currency.
The global effort can’t stop Bitcoin, so let's embrace it; more funds are flowing into Bitcoin, and not a penny in tax can be collected.
It might be better to embrace it with open arms.
The current price of Bitcoin is 700,000 yuan.
[Appendix]
(Civil Code) can be said to have brought spring to digital and network virtual property. Article 127 of the law states: 'Where the law provides for the protection of data and network virtual property, it shall be implemented according to its provisions.' Although it is a simple sentence, it is significant because it fills the gap in our country's laws regarding the protection of virtual property and clarifies the property attributes of data and network virtual property. This is the first step in protecting virtual property.
Friends, seeing the above, what do you think?
[Fifth Stage]
We boldly speculate that by 2027, China will fully embrace cryptocurrency!
The era of cryptocurrency has arrived!
The era of web3 applications has arrived!
The next 5-10 years will be the era of cryptocurrency, the era of Defi!
The operation of Defi LP is like that of corporate shareholders; it has become a necessary lesson to learn.
Those who gain LP gain the ecosystem!
