Биткоин упал ниже $37 000 на фоне новостей о запрете майнинга в Китае
Власти Китая намерены принять меры в отношении майнинга криптовалют и торговли биткоином. Об этом заявил вице-премьер Госсовета КНР Лю Хэ во время выступления на заседании Комитета по финансовой стабильности и развитию.
По его словам, для защиты финансовой системы необходимо установить более жесткий надзор. Он призвал регуляторов содействовать развитию реальной экономики, а также «решительно» предотвращать и контролировать финансовые риски.
Чиновник заявил, что необходимо «бороться с майнингом биткоина и торговлей, а также предотвратить передачу индивидуальных рисков в социальную сферу».
Биткоин отреагировал падением на 8%. Цена цифрового золота в моменте опустилась ниже $37 000 (на бирже Binance).
На момент написания криптовалюта торгуется на уровне $38 000.
График BTC/USDT биржи Binance. Данные: TradingView.
Заявление Хэ прозвучало через несколько дней после того, как три ассоциации при Народном банке Китая запретили местным компаниям поддерживать связанный с цифровыми активами бизнес, а гражданам рекомендовали воздержаться от инвестиций в этот класс финансовых инструментов.
Журналист Колин Ву отметил, что китайские чиновники высшего уровня впервые напрямую предлагают запретить майнинг криптовалют. Он считает, что это может быть связано с высоким потреблением энергии отраслью.
This is the first time that the highest level of the Chinese government has clearly proposed a blow to the mining industry.
Согласно недавнему исследованию, расположенные на территории Китая майнинговые-центры к 2024 году будут расходовать свыше 296,59 ТВт⋅ч электроэнергии и опередят Филиппины по объемам выбросов парниковых газов.
По словам соучредителя майнинговой компании Compass Mining Томаса Хеллера, китайские коллеги, с которыми он общался, не уверены, как заявление Хо повлияет на рынок.
Vice Premier Liu He calls for a crackdown on bitcoin mining and trading activities.
Anti-bitcoin (mining) news regularly comes up, but this is worth monitoring. Miners in China I’ve spoken with are unsure of the impact right now.
Известный трейдер под ником Whale Panda считает, что индустрия только выиграет от действий властей КНР: майнинг станет более децентрализованным, черный рынок биткоина будет процветать, а «лживый нарратив» о подконтрольности цифрового золота Китаю исчезнет.
Let China actually ban Bitcoin and Bitcoin mining.
Mining would be more decentralized, black market for Bitcoin would thrive and the «China controls Bitcoin» false narrative would disappear.
Ранее China CITIC Bank запретил физическим и юридическим лицам использовать счета для покупки и продажи криптовалют.
В апреле 2021 года Китай предложил считать криптовалюты, такие как биткоин, инвестиционными инструментами.
Напомним, Гонконг планирует запретить биткоин-биржам работать без лицензии и предлагать услуги розничным инвесторам.
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Explainer: What Beijing’s new crackdown means for crypto in China
A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China’s flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration
Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money.
Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that «virtual currencies are not supported by any real value».
WHAT ARE THE NEW MEASURES?
Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer any crypto-related services, such as account openings, registration, trading, clearing, settlement and insurance, reiterating the 2017 ban.
But the new ban, which was posted by the People’s Bank of China (PBOC), also covers services that were not previously mentioned.
For example, it made clear that institutions must not accept virtual currencies, or use them as a means of payment and settlement. Nor can institutions provide exchange services between cryptocurrencies and the yuan or foreign currencies.
Additionally, institutions were prohibited from providing cryptocurrency saving, trust or pledging services and issuing crypto-related financial products. And virtual currencies must not be used as investment targets by trust and fund products.
Banks and payment companies were also urged to step up monitoring of money flows involved in cryptocurrency trading, and coordinate more closely in identifying such risks.
The directives were made in a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.
WHAT WERE EARLIER RULES IN CHINA AGAINST CRYPTOCURRENCIES?
China does not recognise cryptocurrencies as legal tender and the banking system does not accept cryptocurrencies or provide relevant services.
In 2013, the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.
However, later that year, financial regulators, including the PBOC, banned banks and payment companies from providing bitcoin-related services.
In September 2017, China banned Initial Coin Offerings (ICOs) in a bid to protect investors and curb financial risks.
The ICO rules also banned cryptocurrency trading platforms from converting legal tender into cryptocurrencies and vice versa.
The restrictions prompted most such trading platforms to shut down with many moving offshore.
The ICO rules also barred financial firms and payment companies from providing services for ICOs and cryptocurrencies, including account openings, registration, trading, clearing or liquidation services.
By July 2018, 88 virtual currency trading platforms and 85 ICO platforms had withdrawn from the market, the PBOC said.
WHY HAS CHINA TIGHTENED REGULATION?
The global bitcoin bull run has revived cryptocurrency trading in China.
Tuesday’s industry directive warned speculative bitcoin trading had rebounded, infringing «the safety of people’s property and disrupting the normal economic and financial order.»
Many Chinese investors were now trading on platforms owned by Chinese exchanges that had relocated overseas, including Huobi and OKEx. Meanwhile, China’s over-the-counter market for cryptocurrencies has become busy again, while once-dormant trading chartrooms on social media have revived.
China-focused exchanges, which also include Binance and MXC, allow Chinese individuals to open accounts online, a process that takes just a few minutes. They also facilitate peer-to-peer deals in OTC markets that help convert Chinese yuan into cryptocurrencies. Such transactions are made through banks, or online payment channels such as Alipay or WeChat Pay.
Retail investors also buy «computing power» from cryptocurrency miners, who design various investment schemes that promise quick and fat returns.
Meanwhile, cryptocurrencies’ potential threat to China’s fiat currency, the yuan, has spurred the PBOC to launch its own digital currency.
WHAT’S THE IMPACT OF THE CRACKDOWN?
The fresh crackdown makes it more difficult for individuals to buy cryptocurrencies using various payment channels, and could impact miners’ business by making it harder for them to exchange cryptocurrencies for yuan.
But banks and payment companies also face challenges of identifying money flows related to cryptocurrencies.
Winston Ma, NYU Law School adjunct professor and author of the book «the Digital War», said the new rules were designed to completely cut crypto-related transactions out of China’s financial systems, and expects the government to roll out new regulations targeting crypto assets.
Hong Kong’s Bitcoin Association said in a tweet in response to China’s reiterated ban: “For those new to bitcoin, it is customary for the People’s Bank of China to ban bitcoin at least once in a bull cycle.”
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Is Bitcoin Banned in China?
Shobhit Seth is a freelance writer and an expert on commodities, stocks, alternative investments, cryptocurrency, as well as market and company news. In addition to being a derivatives trader and consultant, Shobhit has over 17 years of experience as a product manager and is the owner of FuturesOptionsETC.com. He received his master’s degree in financial management from the Netherlands and his Bachelor of Technology degree from India.
Earlier this month, the People’s Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.”
As per the news, China aims to clamp down on “all cryptocurrency trading with a ban on foreign exchanges.”
China has recently been issuing regular advisories and taking steps to deter the use of cryptocurrency in the country. The recent development can completely eliminate cryptocurrency trading and mining activities in the world’s most populous nation.
Chinese regulatory authorities had imposed a ban on initial coin offerings (ICO), a cryptocurrency-based fundraising process, and termed it illegal in China in September 2017. That ban triggered an instant 6% decline in bitcoin prices. Following the ban, the Shanghai-based BTCC bitcoin exchange was forced to close its Chinese trading operations. (For more, see China Intensifies Crackdown On Bitcoin Mining.)
These regulatory actions by China are aimed at controlling the increasing mania involving decentralized, non-regulated cryptocurrencies which have recently soared to astronomical valuations. However, despite the ICO ban and momentary decline, cryptocurrency trading continued in China, as many participants switched to foreign exchanges, like those based in Hong Kong and Japan, to deal in virtual currencies. (See more: China’s Cryptocurrencies Have Gone Underground.)
In a series of measures, the PBOC is tightening regulations on domestic dealers engaged in foreign cryptocurrency transactions and ICOs. It has also forbidden China-based financial institutions from any dealing and funding in cryptocurrency linked activities.
Chinese Government Concerned About Fraud
The recent announcement effectively puts a ban on the use of cryptocurrencies in China, and comes as the People’s Bank of China is seeing increasing turnover in overseas transactions leading to regulatory compliance evasion. (See also: China To Crack Down On International Cryptocurrency Trading By Its Citizens.)
This leaves room for a lot of risk for the monetary system due to the unlawful issuance of cryptocurrencies, which may also involve multi-level marketing and Ponzi schemes to scam less crypto-savvy citizens out of their hard-earned money.
The PBOC views virtual currencies as illegal, since they are not issued by any recognized monetary institution, don’t hold any legal status that can make them equivalent to money, and hence advises against their circulation as a currency.
However, realistic implications of the ban still remain uncertain, and it’s unlikely they will effectively eliminate cryptocurrency trading completely. China is home to a large number of bitcoin mining farms as a lot of regions offer cheap subsidized electricity, making mining a profitable venture.
Many agree that the ban by Chinese authorities will have a negative impact on the overall digital currency market. Stricter regulations by the PBOC will «definitely weigh on the cryptocurrency universe,» said Wayne Cao, who runs a company that recently offered 10 billion tokens in an ICO.
In January 2018, Bobby Lee, CEO and co-founder of BTCC (which closed its China operations), expressed hope that “It’s only a matter of time before China lifts the crypto exchange ban.” During an interview with CNBC, Lee said the resilient nature of cryptocurrencies will enable them to spring back following more regulations.
Questions remain on the effectiveness of the regulations because taming the decentralized, regulation-free blockchain-based virtual currency market will remain a big challenge for any real-world regulator. (See also, Which Countries Benefit From China’s Crackdown On Bitcoin Mining?)
Investing in cryptocurrencies and other Initial Coin Offerings («ICOs») is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.
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China bans financial, payment institutions from cryptocurrency business
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
It was China’s latest attempt to clamp down on what was a burgeoning digital trading market. Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrency, such as registration, trading, clearing and settlement, three industry bodies said in a joint statement on Tuesday.
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order,” they said in the statement.
China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.
The institutions must not provide saving, trust or pledging services of cryptocurrency, nor issue financial product related to cryptocurrency, the statement also said.
The moves were not Beijing’s first moves against digital currency. In 2017, China shut down its local cryptocurrency exchanges, smothering a speculative market that had accounted for 90% of global bitcoin trading.
In June 2019, the People’s Bank of China issued a statement saying it would block access to all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites, aiming to clamp down on all cryptocurrency trading with a ban on foreign exchanges.
The statement also highlighted the risks of cryptocurrency trading, saying virtual currencies «are not supported by real value», their prices are easily manipulated, and trading contracts are not protected by Chinese law.
The three industry bodies are: the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.
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