What does virtual currency pledge mean (is virtual currency acceptance legal)?
What does virtual currency pledge mean? What does virtual currency pledge mean?I
What does virtual currency pledge mean? What does virtual currency pledge mean?
In the world of blockchain, the quantity of currency is fixed and constantly increasing. If an asset cannot be transferred in value at any time, it cannot circulate to another place. Therefore, with the rapid development of the crypto world, more and more investors are becoming interested in this industry, which makes many people choose to hold Bitcoin as collateral for investment. So, how to make digital currency more liquid and applicable? This requires analyzing virtual currency pledge from multiple dimensions, its significance, and how it is implemented.
Is virtual currency acceptance legal?
According to the financial news, is virtual currency acceptance (agency) legal? Recently, media reports have stated that in the operation of a certain company, there are problems due to the fact that the acceptance merchant does not provide custody services for legal tender.
According to verification, the current subject is a domestic enterprise engaged in “token issuance,” “blockchain technology research and development,” and related technologies. “Token issuance” and cryptocurrencies like Bitcoin have fundamental differences. They mainly appear in the form of tokens as a means of issuance, circulation, or transaction, and their operation is similar to “cash lending.” However, from a regulatory perspective, virtual currency acceptance is indeed an illegal financial activity, subject to the constraints of the Anti-Money Laundering Law. If it involves illegal criminal activities such as ICO and various types of disguised ICO, it should be severely cracked down by the people’s court. “Token issuance,” “blockchain technology development,” and other virtual currency-related businesses all belong to the field of illegal financing. However, this form is not suitable for the issuer of virtual currency.
In response to this, the official website of the China Banking and Insurance Regulatory Commission commented: “Although the classification of virtual currencies in our country is still awaiting preliminary confirmation, it does not rule out the use of various means to evade legal risks.”
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