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Announcement of China Banking Industry Association, China Payment and Clearing Association on Preventing Hype Risks in Virtual Currency Transactions



Recently, the price of virtual currency has skyrocketed and plummeted, and the hype of virtual currency trading has rebounded, seriously infringing on the property safety of the people and disrupting the normal economic and financial order. In order to further implement the requirements of the "Notice on Preventing Bitcoin Risks" and "Announcement on Preventing Financing Risks of Token Issuance" issued by the People's Bank of China and other departments, and prevent the risk of speculation in virtual currency transactions, China Internet Finance Association and China Banking Association , China Payment and Clearing Association jointly announced the relevant matters as follows:

1. Correct understanding of the essential attributes of virtual currency and related business activities

Virtual currency is a specific virtual commodity that is not issued by monetary authorities, does not have monetary attributes such as legal compensation and mandatory, is not a real currency, and should not and cannot be used as currency in the market.

China Reserve Shanghai and Bank of China launched "digital renminbi" payment service: According to news on December 1, China Reserve Shanghai and Bank of China launched "digital renminbi" payment services at major warehouses in China Reserve Shanghai. (Securities Times) [2021/12/1 12:43:38]

Carry out legal currency and virtual currency exchange and exchange business between virtual currencies, buy and sell virtual currency as a central counterparty, provide information intermediary and pricing services for virtual currency transactions, token issuance and financing, and virtual currency derivatives transactions and other related trading activities, Violation of relevant laws and regulations, and suspected of illegal fund-raising, illegal issuance of securities, illegal sale of token tickets and other criminal activities.

2. Relevant institutions are not allowed to carry out business related to virtual currency

Bank of China: A total of 37 blockchain technology patents have been submitted: Bank of China (601988) said in response to investor questions on the interactive platform that as of the end of November 2019, the business applications of Bank of China's blockchain technology are mainly concentrated in cross-border A total of 37 patents have been submitted to the State Intellectual Property Office in the fields of remittance, trade settlement, e-wallet, digital bills, collateral valuation, public welfare poverty alleviation, and digital Xiongan. Blockchain technology solves the problem of reliable transmission of trust and value at a lower cost, and will build a more shared, open, transparent, credible, and verifiable and traceable reliable system. The key to saving costs lies in the number of participating companies after large-scale application and the degree of construction of the blockchain ecosystem. There are also differences in the degree of cost savings in different business fields. [2020/4/1]

Financial institutions, payment institutions and other member units must earnestly enhance their social responsibilities. They must not use virtual currency to price products and services, must not underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and must not directly or indirectly provide customers with other services. Services related to virtual currency, including but not limited to: providing customers with virtual currency registration, transaction, clearing, settlement and other services; accepting virtual currency or using virtual currency as a payment and settlement tool; carrying out exchange services between virtual currency and RMB and foreign currencies; Carry out virtual currency storage, custody, mortgage and other businesses; issue financial products related to virtual currency; use virtual currency as investment targets for trusts, funds and other investments.

Voice | Member of the Party Committee of China Banking Association: China Banking Association actively explores the construction of industry technology platforms such as blockchain platforms: According to 21 Economic Net, at the 13th 21st Century Asian Financial Annual Conference - Financial Technology Theme Forum, Bank of China Zhang Liang, member of the party committee and deputy secretary-general of the industry association, said that the China Banking Association plays the functions of self-discipline, rights protection, coordination, and service, and unswervingly supports the banking industry to use financial technology to support the quality and efficiency of the development of the real economy. On the one hand, strengthen the research on financial technology and start to transform the research results into practical applications. On the other hand, actively explore the construction of industry technology platforms, such as the "block chain platform" that integrates block chain technology and trade finance business, joint credit system platform, financial technology laboratory, etc. [2018/12/21]

Financial institutions, payment institutions and other member units should effectively strengthen the monitoring of virtual currency transaction funds, rely on industry self-discipline mechanisms, strengthen risk information sharing, and improve the level of joint prevention and control of industry risks; Terminate relevant transactions, services and other measures, and report to relevant departments; at the same time, actively use multi-channel and diversified means of contact, strengthen customer publicity and warning education, and take the initiative to do a good job of risk warnings related to virtual currency.

Internet platform enterprise member units are not allowed to provide services such as online business premises, commercial exhibitions, marketing promotions, paid diversions, etc. for virtual currency-related business activities, and should report relevant clues to relevant departments in a timely manner, and provide technical support for relevant investigations and investigations and assistance.

3. Consumers should raise awareness of risk prevention and beware of loss of property and rights

Virtual currency has no real value support, and its price is easily manipulated. Related speculative trading activities have multiple risks such as false asset risks, business failure risks, and investment speculation risks. Judging from the existing judicial practice in our country, virtual currency transaction contracts are not protected by law, and the consequences and losses caused by investment transactions are borne by the relevant parties themselves.

The majority of consumers should enhance risk awareness, establish correct investment concepts, refrain from participating in virtual currency transaction speculation, and beware of damage to personal property and rights. Personal bank accounts should be cherished and not used for recharging and withdrawing virtual currency accounts, buying and selling related transaction recharge codes, and transferring related transaction funds to prevent illegal use and personal information leakage.

4. Strengthen the self-discipline management of member units

All member units must strictly implement the relevant national regulatory requirements, abide by the industry's self-discipline commitments, and resolutely refrain from carrying out or participating in any business activities related to virtual currency. The three associations will strengthen the self-discipline supervision of member units. If they find violations of relevant regulatory regulations and industry self-discipline management requirements, they will take industry notifications, suspension of membership rights, cancellation of membership and other disciplinary measures in accordance with relevant self-regulatory regulations, and report to the financial management department Report, suspected of illegal crimes, transfer the relevant clues to the public security organs.

May 18, 2021


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