Virtual Currencies Fell by 60%, "Torment" Young Coin Adventurers

Memorabilia of virtual currency regulation

September 4, 2017

Seven departments including the Central Bank and the Office of Cyberspace Affairs issued a joint announcement to stop the issuance of tokens (ICO), clean up and rectify the ICO platform, and organize the withdrawal of ICO tokens.

September 14, 2017

Bitcoin China announced the cessation of Bitcoin and other transactions. The platform will stop new user registration on September 14 and will stop all digital asset transactions on September 30.

September 15, 2017

Beijing regulators announced the closure of virtual currency exchanges such as Bitcoin.

January 12, 2018

The China Internet Finance Association issued an announcement reminding consumers and investors to prevent ICO activities in disguise. It also stated that Xunlei "Lianke" actually replaced the legal currency payment obligation for the services contributed by participants with "Lianke", which is essentially One kind of financing is ICO in disguise.

January 26, 2018

The China Internet Finance Association issued a document reminding the risks of overseas ICO and "virtual currency" transactions. The risk reminder said that due to the general lack of regulations in the world, current overseas trading platforms also have hidden risks such as system security, market manipulation and money laundering.

March 9, 2018

Huobi makes a final farewell to RMB trading users in the form of an announcement. We have decided to officially delist all RMB-to-digital asset transactions at 24:00 on October 31.

March 28, 2018

Fan Yifei, deputy governor of the People's Bank of China, stated at the 2018 National Currency, Gold and Silver Work Conference that this year, internal management and external supervision will be strictly strengthened, and various types of virtual currencies will be rectified and cleaned up.

Following Pace of Wall Street, British Rice Bank Bans Virtual Currency Buying with Credit Cards

Credit card is a popular electronic payment method. When buying virtual currency such as Bitcoin (Bitcoin), people often use credit card to pay. However, some banks have begun to examine the risks, and some have even banned the use of credit cards to purchase Bitcoin.

British Rice Bank Group announced that all its banks have stopped using credit cards to purchase virtual currency, over worries about the continued decline in value will put customers at huge asset losses.

The price of Bitcoin has dropped from a peak of over US$19,000 to approximately US$8,000 recently. Some banks worry that customers will suffer huge asset losses and prohibit the use of credit cards for purchases.

According to the US CNBC report, Rice Bank Group announced this measure on Monday. Its subsidiary Rice Bank, Bank of Scotland, Halifax and credit card company MBNA will not accept credit card purchases of virtual currency from today (February 5, local time).