The development history of virtual currency in China
The development of virtual currency in China can be traced back to the birth of Bitcoin in 2008. The following are some important stages and events in the development of virtual currency in China:
1. Early stage (2008-2013): Bitcoin and other virtual currencies began to attract the attention of some technology enthusiasts and investors. In 2011, the earliest Bitcoin forums and information websites appeared in China. In 2013, a group of people who were keen on mining and trading Bitcoin began to appear in China. At that time, more than 70% of the mines and transactions took place in China. In the same year, the price of Bitcoin soared, which also led to the development of other virtual currencies, and some related trading platforms appeared.
2. Regulatory attention and policy release (2013-2017): With the development of the virtual currency market, regulatory authorities began to pay attention to its potential risks. At the end of 2013, the central bank issued the "Notice on Preventing Bitcoin Risks", which clearly stated that Bitcoin is not issued by the monetary authority, does not have monetary attributes such as legal compensation and compulsion, and is not a real currency. In terms of nature, Bitcoin is a specific virtual commodity that does not have the same legal status as currency and cannot and should not be circulated and used as currency in the market.
3. Further standardization and rectification (2017-2021): In September 2017, the People's Bank of China and seven other departments jointly issued the "Notice on Preventing the Risks of Token Issuance and Financing", which clearly stated that no organization or individual shall engage in illegal token issuance and financing activities, and all types of token issuance and financing activities shall be stopped immediately. During this period, many virtual currency trading platforms announced the suspension of related businesses or transformation. It was this year that China completely lost its voice in the field of virtual currency. 17 years ago, after years of development, China always had more than 70% of the world's computing power, and the number of participants in trading volume and transaction amount ranked first in the world. The top three exchanges were all founded by Chinese. Now the first exchange has been incorporated by the United States, the second has gone to other countries, and the third has declined and become a second- or third-rate exchange.
4. Continuous supervision and crackdown (2021 to present): The Chinese government continues to strengthen supervision of virtual currencies and strictly prohibits virtual currency-related business activities. Relevant departments continue to crack down on virtual currency "mining", transactions and related business activities to prevent the risk of virtual currency trading speculation, protect the property safety of the people, and maintain financial security and stability.
In China, virtual currency does not have the same legal status as legal tender, and engaging in virtual currency-related business is considered illegal financial behavior. However, personal holding of virtual currency is not defined as an illegal act.
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