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Breaking：China’s PBOC Inquires China’s BTCC, OKcoin, and Huobi

by chris zhou in Regulation

6th January 2017, 18：46  Beijing Time, China’s PBOC issued an announcement about its inquiry of “major heads” of a “major shanghai-based Bitcoin Exchange” and of “Beijing based Bitcoin exchanges”. PBOC Shanghai inquired BTCC while PBOC Beijing inquired Okcoin and Huobi respectively.

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For PBOC’s shanghai statement, it reads:

The recent Bitcoin Price is highly volatile. To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Shanghai have jointly met the major heads of BTCC to know the current status of Bitcoin trading. We have reminded BTCC of the possible risks and require it operate strictly in accordance of laws and regulations of China. We have urged BTCC to conduct self-examination based on related laws and correct, if any, possible irregularities.

In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, China Insurance Regulatory Commission, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale, bear the possible risks by their own, uphold their own assets and have a correct understanding and concept of currency.

 

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For PBOC Beijing’s statement, it reads:

 

The recent Bitcoin Price is highly volatile. To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Beijing have jointly met the major heads of OKcoin and Huobi to know the current status of Bitcoin trading. We have reminded them of possible risks and require it operate strictly in accordance of laws and regulations of China. We have urged the two exchanges to conduct self-examination based on related laws and correct, if any, possible irregularities.

In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale in Bitcoin and thus bear the possible risks by their own.

BTCC, huobi, OKcoin account for 90% of the global Bitcoin trading. Their heads have yet to comment on the issue. But till now no “ban” is  given, no restrictive measures have been mentioned officially.

8btc will continue follow the event. Please follow 8btc for more interpretation of Chinese most updated policies about Bitcoin

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chris zhou
chris zhou

Senior Editor  of international site of 8btc Years of experience of working at KPMG, one of the big 4 accounting firms, discerning in disseminating the useful and essential information in bitcoin and blockchain area as he deeply understands that finance, among many areas, can be the most crucial arena where blockchain and related technologies can be applied. Chris was also a senior interpreter and translator before joining 8btc News.

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