cryptocurrency | translate to Mandarin Chinese: Cambridge Dictionary

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Are Cryptocurrencies Legal in the China?

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Cryptocurrencies meaning in chinese

Postby Kazshura В» 20.01.2020


The announcement was backed by China Securities Regulatory Commission, China Banking Regulatory Commission, China Insurance Regulatory Commission and the Ministry of Industry and Commerce and required that all virtual currency exchanges immediately put an end to their operations. Earlier in September, the Chinese government issued a ban on all ICO operations stating that it "seriously disrupted the economic and financial order.

This was a drastic move, since the Chinese ICO market, even though relatively small in comparison to the overall economy, was picking up speed. According to some Chinese state-owned news outlets, this was a "consumer protection" action. Several state-owned Chinese media reported that the craze for ICOs is out of control, citing middle-income older women, in particular, were being fooled into investing their life savings.

No one really knows how big this community is, but the sums invested in ICOs are certainly not negligible. Just because the Chinese government issued a ban on ICOs and cryptocurrency exchanges within its borders, it does not mean that it can control what happens after. Cryptocurrency trading and investing in China got harder, but not impossible. None of the exchanges actually ceased business; they simply moved their servers abroad.

In fact, from a regulatory perspective, the ban just made things worse. The cryptocurrency world is decentralized which means that whoever wants to trade cryptocurrency will find a way around the Chinese ban.

Moreover, this is already happening as the majority of trades are currently being processed through over-the-counter markets such as LocalBitcoins. The investors and traders simply moved their operation offshore or underground with incognito meetups in person.

It remains unclear how this ban is beneficial to the Chinese authorities since having autonomous platforms pop up as a way to adapt to this change is hardly their desired outcome or even an improvement of the current situation. Join our newsletter and be the first to know! We value your privacy, your email address is safe with us.

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Re: cryptocurrencies meaning in chinese

Postby Nemuro В» 20.01.2020

This is a good example chnese how the word is used. Retrieved 17 March Archived from the original on 4 June The PRC government is far more interested in promoting research and development in new applications for blockchain and distributed ledger technology, rather than cryptocurrency.

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Re: cryptocurrencies meaning in chinese

Postby Ninris В» 20.01.2020

Homero Josh Garza, who founded the cryptocurrency startups GAW Meaning and ZenMiner inacknowledged in mrsj llc plea agreement that the companies were part of a pyramid schemeand pleaded guilty to wire fraud in Cryptocurrency exchanges allow customers chinese trade cryptocurrencies for other assets, such as conventional fiat moneyor to trade between different digital currencies. He cautioned that virtual currencies cryptocurrencies a new challenge to central banks' control over the important functions of monetary and exchange rate policy.

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Re: cryptocurrencies meaning in chinese

Postby Kanos В» 20.01.2020

Retrieved 19 November Archived from the original on 31 August Add the power of Cambridge Dictionary to your website using our free search box widgets. Cancel Submit.

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