Finsight News publishes the transcription of the Chinese official statement on the crypto ban in both Chinese and English. China banned all crypto transactions and vowed to stop illegal crypto mining, delivering the toughest blow yet to the trillion-dollar industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website.
近日，人民银行等十部门发布《关于进一步防范和处置虚拟货币交易炒作风险的通知》（以下简称《通知》）。人民银行有关负责人就相关问题回答了记者提问。
1.《通知》的出台背景是什么？
近年来，比特币等虚拟货币交易炒作活动盛行，扰乱经济金融秩序，滋生洗钱、非法集资、诈骗、传销等违法犯罪活动，严重危害人民群众财产安全。按照党中央、国务院决策部署，人民银行会同有关部门出台一系列政策措施，明确虚拟货币不具有法定货币地位，禁止金融机构开展和参与虚拟货币相关业务，清理取缔境内虚拟货币交易和代币发行融资平台，持续开展风险提示和金融消费者教育，取得积极成效。为建立常态化工作机制，始终保持对虚拟货币交易炒作活动的高压打击态势，人民银行等部门结合新的风险形势，在总结前期工作经验的基础上，起草了《通知》。
Recently, ten departments including the People’s Bank of China issued the “Notice on Further Preventing and Disposing of the Risks of Hype in Virtual Currency Transactions” (hereinafter referred to as the “Notice”). The relevant person in charge of the People’s Bank of China answered reporters’ questions on related issues.
1. What is the background of the “Notice”?
In recent years, Bitcoin and other virtual currency transaction hype activities have prevailed, disrupting economic and financial order, breeding money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities, seriously endangering the safety of people’s property. In accordance with the decision and deployment of the Party Central Committee and the State Council, the People’s Bank of China, in conjunction with relevant departments, has introduced a series of policies and measures to clarify that virtual currencies do not have legal tender status, prohibit financial institutions from developing and participating in virtual currency-related businesses, and clean up and ban domestic virtual currency transactions and token issuance financing The platform continued to carry out risk warning and financial consumer education, and achieved positive results. In order to establish a normalized work mechanism and always maintain a high-pressure crackdown on virtual currency trading activities, the People’s Bank of China and other departments have combined the new risk situation and drafted the “Notice” based on the previous work experience.
2.《通知》对虚拟货币和相关业务活动如何定性？
我国对虚拟货币的监管政策是明确的、一贯的。《通知》再次强调具有非货币当局发行、使用加密技术、分布式账户或类似技术、以数字化形式存在等特点的虚拟货币，如比特币、以太币等，包括泰达币等所谓稳定币，均不具有与法定货币等同的法律地位，不能作为货币在市场上流通。《通知》明确指出，虚拟货币兑换、作为中央对手方买卖虚拟货币、为虚拟货币交易提供撮合服务、代币发行融资以及虚拟货币衍生品交易等虚拟货币相关业务全部属于非法金融活动，一律严格禁止，坚决依法取缔；境外虚拟货币交易所通过互联网向我国境内居民提供服务同样属于非法金融活动。
2. How does the “Notice” characterize virtual currencies and related business activities?
China’s country’s regulatory policies on virtual currencies are clear and consistent. The “Notice” once again emphasizes that virtual currencies that are issued by non-monetary authorities, use encryption technology, distributed accounts or similar technologies, and exist in digital form, such as Bitcoin, Ethereum, etc., including so-called stable currencies such as TEDA, are not It has the same legal status as legal tender and cannot be circulated in the market as currency. The “Notice” clearly stated that virtual currency exchange, virtual currency trading as a central counterparty, provision of matching services for virtual currency transactions, token issuance financing, and virtual currency derivative transactions are all illegal financial activities and are strictly prohibited. , Resolutely banned in accordance with the law; overseas virtual currency exchanges to provide services to Chinese residents through the Internet are also illegal financial activities.
3.《通知》提出哪些工作措施？
一是建立部门协同、央地联动的常态化工作机制。中央层面，人民银行、中央网信办、公安部等十部门建立协调机制，整体统筹和推动工作落实；地方层面，各省级人民政府落实属地风险处置责任，依法取缔打击本辖区虚拟货币相关非法金融活动。
二是加强对虚拟货币交易炒作风险的监测预警。人民银行、中央网信办完善虚拟货币监测技术平台功能，提高识别发现虚拟货币交易炒作活动的精度和效率。金融机构和非银行支付机构加强对涉虚拟货币交易资金的监测工作。各部门、各地区加强线上监控、线下摸排、资金监测的有效衔接，建立信息共享和交叉验证机制。
三是构建多维度、多层次的虚拟货币交易炒作风险防范和处置体系。金融管理部门、网信部门、电信主管部门、公安部门、市场监管部门密切协作，从切断支付渠道、依法处置相关网站和移动应用程序、加强相关市场主体登记和广告管理、依法打击相关非法金融活动等违法犯罪行为等方面综合施策，有关行业协会加强会员管理和政策宣传，全方位防范和处置虚拟货币交易炒作风险。
3. What work measures are put forward in the Notice?
First, a normal working mechanism featuring departmental coordination and central-local interaction shall be established. At the central level, the People’s Bank of China, the Office of the Central Cyberspace Affairs Commission, the Ministry of Public Security and other ten departments shall establish coordination mechanisms to make overall planning and promote the implementation of work; At the local level, all provincial people’s governments shall fulfill the local responsibility for risk disposal, and legally ban and crackdown on illegal financial activities related to virtual currencies within their respective jurisdictions.
Second, monitoring and pre-warning of the speculation risks in virtual currency trading shall be strengthened. The People’s Bank of China and the Cyberspace Administration of China shall improve the functions of the virtual currency monitoring technical platform, and improve the accuracy and efficiency of identifying and discovering virtual currency trading speculation. Financial institutions and non-bank payment institutions shall strengthen the monitoring of funds involved in virtual currency transactions. All departments and regions shall strengthen the effective connection between on line monitoring, offline mapping, and fund monitoring, and establish an information sharing and cross-validation mechanism.
Third, we shall establish a multi-dimensional and multi-level system for the prevention and disposal of risks generated from virtual currency trading speculation. The financial management departments, network and information departments, competent telecommunications departments, public security departments, and market regulatory departments shall closely cooperate to comprehensively take measures in such aspects as cutting off payment channels, legally disposing the relevant websites and mobile applications, strengthening the registration and advertising management of relevant market players, and legally cracking down on illegal and criminal activities such as relevant illegal financial activities. Relevant industry associations shall strengthen member management and policy publicity, and comprehensively prevent and dispose of the speculation risks of virtual currency transactions.
4.后续有什么工作安排？
打击虚拟货币交易炒作是党中央、国务院作出的重要决策部署，是贯彻以人民为中心的发展理念、落实国家总体安全观的必然要求。各部门、各地区将认真贯彻落实《通知》提出的各项举措，构建中央统筹、属地实施、条块结合、共同负责的长效工作机制，始终保持高压态势，动态监测、及时处置相关风险，坚决遏制虚拟货币交易炒作风气，严厉打击虚拟货币相关非法金融活动和违法犯罪活动，依法保护人民群众财产安全，全力维护经济金融秩序和社会稳定。
4. What are the follow-up work arrangements?
Cracking down on the virtual currency trading speculation is an important decision and arrangement made by the CPC Central Committee and the State Council, and an inevitable requirement for implementing the people-centered development concept and the national overall security concept. All departments and regions shall conscientiously implement all the measures set forth in the Notice, establish a long-term effective work mechanism under the overall planning of the Central Government, implemented in a territorial manner, integrated by departments and blocks, and jointly responsible for the work, always maintain a high-pressure situation, conduct dynamic monitoring and timely disposal of relevant risks, resolutely curb the hype surrounding virtual currency trading, severely crack down on illegal financial activities and illegal and criminal activities related to virtual currencies, protect the property safety of the people in accordance with the law, and make all efforts to maintain the economic and financial order and social stability.
The translation is approximate and follows entirely the script published originally on the Chinese website. The original can be viewed here: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348556/index.html
