The People's Bank of China 5 joint announcement

5 The ministry pointed out that bitcoin is not a currency; financial and payment institutions shall not carry out bitcoin business; it is necessary to strengthen the filing of Bitcoin websites, to include Bitcoin services in anti-money laundering supervision;

The following is the original announcement:

The People's Bank of China, the Ministry of Industry and Information technology, the Chinese Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission have jointly issued the "PBC Ministry of Industry and Information technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission on the prevention of Bitcoin risk notice (Silver (2013)289, hereinafter referred to as "notice").

"Notice" The nature of the bitcoin, that the bitcoin is not issued by the monetary Authority, does not have the legal solvency and mandatory monetary attributes, is not a real currency. In nature, Bitcoin is a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market. However, as a commodity trading on the Internet, the ordinary people have the freedom to participate at their own risk.

The notice requires that at this stage, the financial institutions and payment institutions shall not price the products or services in Bitcoin, you may not buy or sell Bitcoin as a central competitor, or you may not underwrite the insurance business related to Bitcoin or include Bitcoin in the scope of insurance liability, and shall not directly or indirectly provide customers with other Bitcoin-related services, Includes: To provide customers with Bitcoin registration, transactions, liquidation, settlement and other services, the acceptance of Bitcoin or Bitcoin as a payment settlement tool, the development of bitcoin and renminbi and foreign exchange services, the development of bitcoin storage, trusteeship, mortgage and other business, the issue of Bitcoin-related financial products, the bitcoin as a trust, Funds and other investment targets.

The notice stipulates that the Bitcoin Internet station, which is the main trading platform of bitcoin, shall be in accordance with the regulations of the People's Republic of China telecommunication Regulations and the Internet Information Service management system, and be recorded in the telecommunication Administrative institution according to law. At the same time, for Bitcoin has a higher risk of money laundering and the risk of being exploited by criminals, "notice" requires relevant institutions to carry out the legal anti-money laundering obligations such as customer identification, suspicious transaction report and so on, in accordance with the requirements of the People's Republic of China anti-money Laundering law, and to prevent

In order to avoid the use of virtual goods such as Bitcoin, "virtual currency" in the name of excessive hype, to the detriment of the public interest and the legal currency status of RMB, the notice requires that financial institutions and payment agencies should use the concept of currency correctly in their daily work, pay attention to strengthening the education of the knowledge of the public money, and will correctly understand the currency, The concept of virtual goods and virtual currency, rational investment, reasonable control of investment risks and safeguarding their own property security should be taken into the contents of the popularization of financial knowledge and guide the public to set up correct monetary concept and investment idea.

In the future, People's bank will continue to pay close attention to the movements of bitcoin and related risks on the basis of its responsibilities.

Annex：

China Banking Regulatory Commission of the PBC Ministry of Industry and Information technology

China Insurance Regulatory Commission of China Securities Regulatory Commission

Notification on preventing Bitcoin risk

Recently, a specific computer program to calculate the so-called "bitcoin" (Bitcoin) in the international cause of widespread concern, there are some institutions and individuals to speculate on Bitcoin and bitcoin-related products. In order to protect the property rights and interests of the public, protect the legal currency status of RMB, prevent money laundering risk and maintain financial stability, according to the law of People's Bank of China, the People's Republic of China anti-money Laundering law, the People's Republic of China Commercial Bank law, the People's Republic of China Telecommunication The relevant matters are hereby notified as follows:

A correct understanding of the properties of Bitcoin

Bitcoin has four main features, such as no centralized issuer, limited total amount, and use free from geographical limitation and anonymity. Although bitcoin is referred to as a "currency", it is not a currency that is truly meaningful because it is not issued by the Monetary Authority and does not have monetary attributes such as legal solvency and coercion. In nature, Bitcoin should be a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market.

The financial institutions and payment institutions shall not carry out the business related to Bitcoin

At this stage, the financial institutions and payment institutions shall not price the products or services with Bitcoin, you may not buy or sell Bitcoin as a central competitor, or you may not underwrite the insurance business related to Bitcoin or include Bitcoin in the scope of insurance liability, and shall not directly or indirectly provide customers with other Bitcoin-related services, Includes: To provide customers with Bitcoin registration, transactions, liquidation, settlement and other services, the acceptance of Bitcoin or Bitcoin as a payment settlement tool, the development of bitcoin and renminbi and foreign exchange services, the development of bitcoin storage, trusteeship, mortgage and other business, the issue of Bitcoin-related financial products, the bitcoin as a trust, Funds and other investment targets.

Third, strengthen the management of the bit-currency internet station

According to the People's Republic of China Telecommunications regulations and Internet Information Services management measures, the provision of Bitcoin registration, trading services such as Internet stations should be in the telecommunications regulatory agencies for the record.

The Telecommunication Management organization shall close the illegal bitcoin Internet station according to the cognizance and punishment opinions of the relevant management department.

Prevention of money-laundering risk from Bitcoin

The branches of the People's Bank of China should pay close attention to the movements and trends of Bitcoin and other similar virtual goods with the characteristics of anonymity and cross-border circulation, carefully examine the risk of money-laundering and formulate targeted preventive measures. The branches shall incorporate into anti-money laundering supervision institutions established in the jurisdiction and providing services such as Bitcoin registration and trading, and urge them to strengthen anti-money laundering monitoring.

The Internet station, which provides services such as Bitcoin registration and transaction, should fulfill the obligation of anti-money laundering, identify the identity of the user, and require the user to register with the real name, register the names, ID number and other information. Financial institutions, payment agencies and Internet sites that provide Bitcoin registration and trading services, such as the discovery of suspicious transactions related to bitcoin and other virtual goods, should immediately report to China's anti-money laundering Monitoring and Analysis Center and cooperate with the PBC's anti-money laundering investigation; for discovering the use of bitcoin for fraud, gambling, The clue of criminal activity such as money laundering should be reported to the public security organ in time.

V. Strengthening the education of the social public's monetary knowledge and the risk of investment

Departments and financial institutions, the payment institution should use the concept of currency correctly in the daily work, pay attention to strengthen the education of the social public's money knowledge, and incorporate into the content of the popularization of financial knowledge the concepts of correct understanding of currency, the correct view of virtual goods and virtual currency, rational investment, reasonable control of investment risks and safeguarding their own To guide the public to establish a correct monetary concept and investment concept.

The financial regulatory bodies may make relevant implementation rules according to this notice.

The People's Bank of China Shanghai headquarters, the branches, business Management department, the provincial capital (capital) city Center Branch will be forwarded to the local financial institutions and payment agencies. Please report to the People's Bank of China in time for new situations and problems found in the implementation of this circular.

Contact Person: Zhang Nian, tel: 010-66194489

Bank

Ministry of Industry and Information technology

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December 3, 2013