China completely closed virtual currency exchange, saying bitcoin has no obvious practical application
Dazzle Yi Three years ago (2017-09-11) Industry trends seven hundred and four
One wave is not smooth, another is rising. Recently, according to the Caixin news, the regulatory authorities have decided to close the exchanges of virtual currencies in China, which involves all exchanges between virtual currencies and legal currencies represented by "currency bank", "huoqianwang" and "bitcoin China".
Affected by the news, bitcoin prices experienced a cliff fall in the night, falling as much as 19% in an hour.
"Okin" and "China's three bitcoin trading platforms" are included. This time, the decision to close the trading platform between virtual currency and legal tender, that is to say, only the exchange trading of virtual currency in China is prohibited, not all transactions of virtual currency and legal tender in China are prohibited. The leading group for the special rectification of Internet financial risks stressed: "the bitcoin exchange is to be closed, not for bitcoin." Banning activities related to bitcoin exchange does not affect the development of blockchain technology.
Even Shi Yuzhu also commented
It's time to demonize bitcoin too much. What you don't understand is not necessarily bad. If there is illegal bitcoin trading, we should crack down on illegal trading, not ban bitcoin trading. Even if Chinese people are not allowed to own bitcoin, foreigners will continue to hold bitcoin, and some governments may allocate bitcoin to their foreign exchange reserves in the future. The blockchain technology based on bitcoin will profoundly change the fields of Finance and other fields and enter everyone's life in the future. Statement: I personally don't own a bitcoin.
No, the biggest problem with bitcoin is that there are no assets and credit endorsements behind it. It is obtained purely by computing power and consuming power and time. There is a problem with its own acquisition mechanism, and ordinary people can't get it through labor.