Golden Outpost | 9.4 Third Anniversary Review of Domestic Blockchain and Cryptocurrency Policies

Golden Finance News, on September 4, 2020, the "September 4 Incident" in the currency circle ushered in the 3rd anniversary.

On September 4, 2017, seven departments including the People's Bank of China, the Central Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued the "Announcement on Preventing Financing Risks of Token Issuance" (hereinafter referred to as "Announcement"), announcing that token issuance financing is an unapproved illegal public financing behavior, suspected of illegal sale of token coupons, illegal issuance of securities, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities. ICO and new projects are prohibited, and existing projects must be cleared within a limited time, that is, any token issuance and financing activities are clearly prohibited, and all ICO token trading platforms must be cleared and closed before the end of the month.

Once the “Announcement” was issued, illegal financing in the cryptocurrency market was dealt a fatal blow, and the prices of tokens on various exchanges fell all the way. Among them, the tokens issued through ICO financing fell the most, and several tokens fell below the issue price, with a maximum drop of more than 90%. . Hundreds of relevant institutions have been closed one after another, and a large number of investors have suffered great losses as a result, and related projects have begun to migrate overseas to avoid supervision.

Golden Morning News | September 27 Overnight Important Updates: 21:00-7:00 Keywords: Ethereum 2.0, US SEC, Token Freeze, GemSwap

1. Ethereum developers: Ethereum 2.0 function development will be completed before October 15.

2. The U.S. Securities and Exchange Commission (SEC) issued a no-action letter on the issue of digital asset securities.

3. Minister of Digital and Financial Services of Gibraltar: The blockchain industry needs regulation to succeed but not excessively.

4. Tether CTO: Tokens will be frozen in the face of regulatory requirements.

5. The GemSwap contract was attacked and the liquidity pool tokens were looted.

6. V God: Cryptography is valuable in making scalable blockchains.

7. Data: The total number of Bitcoin ATM installations worldwide reached 10,355.

8. Data: Open interest fell sharply after Ethereum options expired this month.

9. Bitcoin continued to rise, with a daily low of $10,682.33 and a high of $10,775. [2020/9/27]

Today, in the past three years since the "9.4 Incident", the cryptocurrency market has undergone earth-shaking changes. Whether it is a project party, an exchange, or an investor, people in the currency circle are becoming more and more rational. With the continuous introduction of regulatory policies, the market has become more and more compliant.

Golden Evening News | A list of important developments today: 1. Hainan Blockchain Pilot Zone released special measures for "six chains"

2. Xinhuanet: The "Chain Hainan" plan was officially released today

3. Hainan Blockchain Pilot Zone reached cooperation with Dubai Blockchain Center

4. The State Administration of Taxation issued 16 measures to use blockchain and other technical tax law enforcement methods

5. Governor of the Bank of Japan: There is no need to launch a central bank digital currency, and the proliferation of global stablecoins has a major impact

6. Softbank plans to issue "cryptocurrency bank card" as fake news

7. Japan's MUFG denies reports it plans to launch a digital currency in Japan next year

8. Yi Xiaozhun, Deputy Director-General of WTO: The potential of blockchain to promote international trade must be fully utilized through supervision

9. Monetary Authority of Singapore: Fraudulent website uses high-level official remarks to solicit Bitcoin investment

10. The current quotation of BTC is 7220 US dollars, the lowest today fell to 7080.84 US dollars, and the highest rose to 7360.19 US dollars [2019/12/4]

Next, Jinse Finance will take you to review the policies issued by the regulatory authorities on the cryptocurrency market in the three years since the "September 4 Incident".

Jinse Finance Live Report ZatGo Chengyun Chen Lei: The travel field needs to build a sustainable development ecology: Jinse Finance live report, at the 2018 FinTech Shanghai Summit and Blockchain World Forum held today, ZatGo Chengyun Chen Lei delivered a speech Said, "Currently, the field of large travel is facing industry pain points such as capital chain risks brought by capital account periods, high cost of account settlement capabilities, and uneven credit reporting in the industry. We should strive to connect the upstream and downstream of the industry and build a mutual collaboration A win-win sustainable development ecology. One option is that the roles in the community can be divided into consensus nodes, ordinary nodes and ecological users. Consensus nodes provide computing power for the community, ensure data consistency, and publicize node operation information in the community. Node maintainers will accept ratings from community users, and consensus nodes can be applied by any real-name enterprise or institution, and enterprises or institutions that have passed the audit authorization and real-name certification will be able to create and maintain consensus nodes.” [2018/4/19]

On August 24, 2018, the Shanghai Headquarters of the Central Bank issued the "Risk Reminder on Preventing Illegal Fundraising in the Name of "Virtual Currency" and "Blockchain". Under the banner of ", it absorbs funds by issuing so-called "virtual currency", "virtual assets" and "digital assets", infringing on the legitimate rights and interests of the public. Such activities are not really based on blockchain technology, but hype the concept of blockchain for illegal fundraising, pyramid schemes, and fraud.

On September 18, 2018, the Shanghai Headquarters of the Central Bank issued "Constantly and Continuously Prevent ICO and Virtual Currency Transaction Risks", which mentioned that in recent years, speculation related to virtual currency has prevailed, prices have skyrocketed and plummeted, and risks have gathered rapidly, seriously disrupting economy, finance and social order. ICO financing entities are mixed, which is essentially an unapproved illegal public financing behavior. It is suspected of illegal sales of token tickets, illegal issuance of securities, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities.

On October 24, 2019, the Political Bureau of the Central Committee of the Communist Party of China conducted the eighteenth collective study on the development status and trends of blockchain technology. Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, emphasized when presiding over the study that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation. Blockchain should be used as an important breakthrough for independent innovation of core technologies, and the main direction of attack should be clarified. Increase investment, focus on overcoming a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.

On December 13, 2019, the China Internet Finance Association issued the "Risk Warning on Preventing ICO and "Virtual Currency" Trading Activities in the Name of Blockchain".

On December 27, 2019, the Shanghai Headquarters of the Central Bank issued the "Risk Reminder on Further Preventing "Virtual Currency" Trading Activities". The Shanghai headquarters of the central bank stated that with the promotion of blockchain technology, virtual currency trading activities have shown signs of resurgence in the country, seriously violating the "Announcement on Preventing the Risk of Token Issuance and Financing" issued by the People's Bank of China and other seven ministries and commissions, and suspected of engaging in illegal financial activities , disrupt the economic and financial order. Various financial management departments, network telecommunications management departments, and public security departments within the jurisdiction continue to maintain high-pressure supervision on virtual currency transactions, ICOs and disguised ICOs, and comprehensively use on-site interviews, administrative investigations, website closures, and criminal cases to crack down.

On April 2, 2020, the China Internet Finance Association issued the "Risk Reminder on Participating in Speculation and Hype on Overseas Virtual Currency Trading Platforms". The China Mutual Finance Association stated that in order to evade regulatory crackdowns, some virtual currency trading platforms registered or set up their servers overseas and continued to engage in related activities. These platforms often use various gimmicks to attract consumers' attention. Any institution or individual should strictly abide by national laws and regulatory requirements, and not participate in virtual currency trading activities and related speculation.  

It is worth mentioning that in 2020, the central bank’s digital currency DC/EP will accelerate its implementation. At present, pilot projects have been launched in Shenzhen, Chengdu, Suzhou, and Xiongan.

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