After Bitcoin China announced that it would stop all digital asset trading business, on the evening of September 15, Firecoin.com and OKCoin announced that they would stop all digital asset trading business before October 31. This also means that the era of Chinese bitcoin transactions is coming to an end. The reporter interviewed a number of investors and learned that investors are currently considering how to withdraw cash from the platform on the one hand. On the other hand, due to the large price difference between Bitcoin at home and abroad, they are also considering arbitrage for overseas platforms.
Three major platforms stop tradingOn the evening of September 15, Firecoin.com and OKCoin issued a notice saying that on September 4, the seven ministries and commissions, including the People's Bank of China, issued the “Announcement on Preventing the Risk of Subsidy Issuance Financingâ€, requesting the financing of tokens and virtual currency in China. The transaction was completely cleaned up and reorganized. The platform officially received notice and guidance from the regulatory authorities on the afternoon of September 15. It will notify all users that the transaction will be stopped before September 30.
The original announcement of the platform stated that only the RMB (6.4054, 0.0075, 0.12%) trading business was stopped, and the rest of the business was not affected. Subsequently, on the afternoon of September 16, the virtual currency exchange fire currency network, OKCoin currency bank has revised the previous "Announcement on Stopping RMB Trading Business", indicating that the next step is to stop all trading business on virtual currency.
In addition, in the announcement, the two major Bitcoin trading platforms have made detailed arrangements for registration, recharging, cash withdrawal, and currency lifting. Among them, for the cash withdrawal business, Firecoin said that it insists on implementing the 100% reserve system. Due to the upcoming withdrawal of the queuing situation, the time limit for the withdrawal of the promised payment will be changed from the original 24-hour account to the account within 72 hours. . For the coin-raising business, Firecoin said that all kinds of digital currency assets stored on the platform can be cashed out normally.
Previously, on September 14, Bitcoin China first announced that it would stop registering new users from September 14 and will stop all transactions on September 30. It is worth mentioning that bitcoin prices plunged 30% in an instant after Bitcoin China stopped its business announcement.
Closing the platform is not suddenThe decision to close the Bitcoin trading platform is not sudden. As early as December 2013, the Central Bank and other five ministries issued the "Notice on the Prevention of Bitcoin Risk", saying that Bitcoin is not a real currency, but a specific virtual commodity. At the same time, the Notice also requires financial institutions and payment institutions not to carry out business related to Bitcoin. At that time, bitcoin prices fell in a cliff-like manner, dropping from a maximum of 8,000 yuan per share to 1,000 yuan per base.
In January 2017, the central bank settled on the spot exchange of the three largest bitcoin exchanges in China, including the China Securities Co., Ltd., and the Bitcoin China. The central bank made a clear request for the Bitcoin trading platform. At that time, the price of bitcoin did not appear as a cliff-like decline in 2013, but it skyrocketed. Since the beginning of this year, bitcoin prices have hit new highs, rising to a maximum of 30,000 yuan. At the same time as the bitcoin skyrocketing, there are also emerging financing models such as the hot ICO (first-time token issue).
Since the “virtual fire†was too busy and chaotic, in September 2017, the central bank issued the “Announcement on Preventing the Risk of Subsidy Issuance Financingâ€, clearly stating that the issue of issuing tokens including the financing of the first token is essentially one. Any kind of unauthorised illegal public financing shall immediately stop all types of token issuance financing activities. The ICO crashed down and Bitcoin fell by nearly 7,000 yuan per share, but it bounced back in the next few days.
Only a few days later, the news of the comprehensive shutdown of the Bitcoin trading platform was monitored. As for why the Bitcoin trading platform is completely banned, some regulators pointed out that this year, with the skyrocketing price of Bitcoin, the speculative atmosphere of Bitcoin and related industries is strong, the price fluctuates sharply, and investors blindly follow the trend and even lose their rationality and harm the entity. economic development.
Li Yang, chairman of the National Finance and Development Laboratory, said that bitcoin is only creating an asset that can be speculated. The current regulatory authorities have imposed strict measures on Bitcoin. The important reason is that it has no use for the development of the real economy, although its technology is very advanced. I believe that the major monetary authorities in the world will be like this.
Investors turn to off-site and overseasAlthough the platform stopped the trading business in the field, it still could not prevent the over-the-counter transaction. The reporter learned that in addition to some investors in the normal process of returning money, some investors are also taking the time to copy the bottom to take advantage of the rebound, find channels to conduct over-the-counter transactions, or prepare to "enter" the overseas market.
For over-the-counter trading, Bitcoin investment management expert Sun Zeyu explained that over-the-counter trading is privately traded without going through an exchange. Specifically, investor A transfers the currency to investor B, and investor B gives the money to investor A. Moreover, over-the-counter transactions do not have to face each other. They use WeChat and QQ Group to contact first, conduct transactions based on certain trust, or find someone to make third-party guarantees.
"I don't understand this, I just make a difference." A trading agent in Thailand said to the reporter: "The domestic trading platform is going to be closed. I want to play coins only to go abroad. I am in Thailand. You can sell it to Thai baht and then convert it to RMB, which will be higher than the domestic price."
In addition, some senior investors said that this is a good time to "move bricks." The so-called "moving bricks" means buying bitcoin from the domestic platform and then transferring it to an overseas platform, and then depositing the bitcoin of the overseas platform to the overseas bank account. The income is the spread of the platform at home and abroad, and the cost is the handling fee and transfer fee of the bitcoin transaction.
According to the price of the currency on September 17, the domestic price of bitcoin is about 19,000 yuan per piece, while the bitcoin price of Bitstamp and Bitfinex platform is more than 3,500 dollars per piece. The current US dollar/RMB exchange rate is 6.67. According to the exchange rate, the price of Bitstamp and Bitfinex bitcoin is about 23,000 yuan/piece, of which there is a spread of 4,000 yuan/piece.
Off-exchange and overseas trading risks are difficult to monitorIn the opinion of analysts, OTC trading is different from trading on the trading platform, where the risk is more difficult to predict and supervise. Sun Zeyu said that the risk of over-the-counter trading is that it cannot be regulated. On the one hand, whether money is not verified by black money; in addition, if the transaction is unsuccessful, or if some small groups use secured transactions to deceive people, it is also a risk.
Xiao Lei, a senior researcher in digital currency, said that on the one hand, OTC investors are primarily faced with reputational risks. When buying, they use Bitcoin to buy Bitcoin, or sell Bitcoin to recover RMB. Such offline transactions are when signing contracts. Must face to face, otherwise it can not guarantee safety. If it is not a face-to-face transaction, the use of third-party transactions is also not possible, because the state clearly stipulates that third parties cannot provide similar services. On the other hand, if the transaction is completely off-site, it is also a big problem for supervision. Bitcoin essentially uses online trading. After getting bitcoin, there is no exchange in the country. Investors will have a lot of motivation, willingness and demand to study international transactions and trade in the international market. Due to the large base of domestic investors, if millions of investors flood into the international market, it will bring certain difficulties to the supervision.
Regarding the development of Bitcoin in the future, Xiao Lei said that there is no way to ban the over-the-counter transaction because the regulation does not say that it is illegal to hold Bitcoin. Now it's just a pause in online trading of Bitcoin, and future currency trading should still exist. In addition, there is no need to worry too much about the loss of funds. Domestic investors will sell Bitcoin to the international market, and the US dollar will be returned. In the end, it will be remitted back to China for RMB. At present, the primary consideration for the regulatory authorities is risk.
Many experts interviewed by the reporter said that after stopping the trading business of the platform, the next step of supervision may focus on over-the-counter and overseas market supervision. It is reported that the relevant departments have already made the "Technical Plan for the Deployment of "Blocking Bitcoin Overseas Trading Behavior", but the news has yet to be further verified.
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