There is almost the same topic (
https://bitcointalk.org/index.php?topic=2148605.0) but after reading that i realized, that i don't understand the things completely and need to "view the source". I’m mostly a reader, not a writer, but, being woken up by «BTC is below 4000$» application alert, have a strong wish to clarify «Chinese ICO ban question». So, let’s take a closer look:
Disclaimer:
- i’m not a native Chinese/English speaker and might be wrong in translation and interpretation («what-is-that» parts) of (GT = GoogleTranslate)GT-results, so you should not «blindly rely» on all the following
- i do use GT-results for citing, so don’t blame me for «google translate english», but it's much better to give "translated source" to all than just "publish an interpretation".
"Executive summary" / TLDR: full ban of fiat<->crypto operations in China + ban of all related (exchanges, trading) activities + big question about mining/miniting (de-legalization/ban ?).
For ones, who are ready to read ... let's go:
The source:
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.htmlLet’s attempt to translate and evaluate it step-by-step:
0-1 / The source:
近期，国内通过发行代币形式包括首次代币发行（ICO）进行融资的活动大量涌现，投机炒作盛行，涉嫌从事非法金融活动，严重扰乱了经济金融秩序。为贯彻落实全国金融工作会议精神，保护投资者合法权益，防范化解金融风险，依据《中华人民共和国人民银行法》、《中华人民共和国商业银行法》、《中华人民共和国证券法》、《中华人民共和国网络安全法》、《中华人民共和国电信条例》、《非法金融机构和非法金融业务活动取缔办法》等法律法规，现将有关事项公告如下：
0-2 / Google Translate:
Recently, the domestic through the issuance of tokens, including the first tokens (ICO) financing activities in large numbers, speculation prevails, suspected of engaging in illegal financial activities, seriously disrupted the economic and financial order. In accordance with the Law of the People's Bank of China, the Commercial Bank Law of the People's Republic of China, the Securities Law of the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, the People's Republic of China, The Republic of China Network Security Law, the People's Republic of China Telecommunications Ordinance, "illegal financial institutions and illegal financial business activities," and other laws and regulations, the relevant matters are as follows
0-3 / What is that: this is just a common introduction +«generic references» to law-basis for next-following-statements with an accent on «it’s important to clarify the following». The most important this is the fragment «including the first tokens (ICO) financing activities». So, for ones, who really think that «this is all about ICO’s ban only», it’s not.
1-1 / The source:
一、准确认识代币发行融资活动的本质属性
代币发行融资是指融资主体通过代币的违规发售、流通，向投资者筹集比特币、以太币等所谓“虚拟货币”，本质上是一种未经批准非法公开融资的行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。有关部门将密切监测有关动态，加强与司法部门和地方政府的工作协同，按照现行工作机制，严格执法，坚决治理市场乱象。发现涉嫌犯罪问题，将移送司法机关。
代币发行融资中使用的代币或“虚拟货币”不由货币当局发行，不具有法偿性与强制性等货币属性，不具有与货币等同的法律地位，不能也不应作为货币在市场上流通使用。
1-2 / Google Translate:
First, an accurate understanding of the essential properties of the custody financing activities
Toll coin financing refers to the financing of the main body through the token of illegal sale, circulation, to investors to raise Bitcoin, currency and other so-called "virtual currency" is essentially a non-approved illegal open financing behavior, suspected of illegal sale Tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes and other criminal activities. The relevant departments will closely monitor the dynamics, strengthen cooperation with the judicial departments and local governments, in accordance with the existing working mechanism, strict law enforcement, resolutely control the market chaos. Found suspected criminal problems, will be transferred to the judiciary.
The tokens or "virtual currency" used in coinage financing are not issued by the monetary authorities, do not have legal and monetary properties such as indemnity and coercion, do not have legal status equivalent to money, and can not and should not be circulated as a currency in the market use.
1-3 / What is that: the most scary things, of course, are:
- «Found suspected criminal problems, will be transferred to the judiciary»
- «The tokens or "virtual currency" used in coinage financing … can not and should not be circulated as a currency in the market use»
My evaluation: only a header «an accurate understanding of the essential properties…» stops me from interpreting this as «formal de-legalization/criminalization» of all fiat<->crypto processes
2-1 / The source:
二、任何组织和个人不得非法从事代币发行融资活动
本公告发布之日起，各类代币发行融资活动应当立即停止。已完成代币发行融资的组织和个人应当做出清退等安排，合理保护投资者权益，妥善处置风险。有关部门将依法严肃查处拒不停止的代币发行融资活动以及已完成的代币发行融资项目中的违法违规行为。
2-2 / Google Translate:
2. No organization or individual may engage in unauthorized custody financing activities
As of the date of this announcement, all types of currency issuance financing activities shall cease immediately. The organizations and individuals who have completed the financing of the tokens should make arrangements for repatriation and so on, reasonably protect the interests of investors and properly handle the risks. The relevant departments will seriously investigate and deal with non-stop tokens issued financing activities and the completion of the tokens issued financing projects in the illegal acts.
2-3 / What is that: Hard to say, need a good expert with a Chinese laws knowledge and practice. The most scary question is about clarification of term «all types of currency issuance financing activities» (各类代币发行融资活动 = «Various types of tokens issued financing activities»). As i understand, «mining bitcoins» COULD be considered as «currency issuance financing activities». And in fact, any PoS-issuing too, but if in case of PoW you could try somehow (…how?) to stop/slowdown the process, but what to do with PoS ?
3-1 / The source:
三、加强代币融资交易平台的管理
本公告发布之日起，任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务，不得买卖或作为中央对手方买卖代币或“虚拟货币”，不得为代币或“虚拟货币”提供定价、信息中介等服务。
对于存在违法违规问题的代币融资交易平台，金融管理部门将提请电信主管部门依法关闭其网站平台及移动APP，提请网信部门对移动APP在应用商店做下架处置，并提请工商管理部门依法吊销其营业执照。
3-2 / Google Translate:
Third, strengthen the management of tokens financing trading platform
As at the date of this announcement, any so-called tokens financing trading platform shall not engage in the exchange of legal currency and tokens, "virtual currency", and may not be traded or sold as a central counterparty to sell tokens or "virtual currency" Not for the tokens or "virtual currency" to provide pricing, information services and other services.
For the existence of illegal problems on behalf of the coin-financing trading platform, the financial management department will be submitted to the telecommunications authorities in accordance with the law to close their website platform and mobile APP, to the network letter to the mobile APP in the application store to do the next frame disposal, and to the business administration Revoke its business license.
3-3 / What is that: Looks like total ban of all exchanges in Chinese jurisdiction. Am i wrong ?
4-1 / The source:
四、各金融机构和非银行支付机构不得开展与代币发行融资交易相关的业务
各金融机构和非银行支付机构不得直接或间接为代币发行融资和“虚拟货币”提供账户开立、登记、交易、清算、结算等产品或服务，不得承保与代币和“虚拟货币”相关的保险业务或将代币和“虚拟货币”纳入保险责任范围。金融机构和非银行支付机构发现代币发行融资交易违法违规线索的，应当及时向有关部门报告。
4-2 / Google Translate:
4. Financial institutions and non-bank payment institutions shall not carry out business related to tokens financing transactions
Financial institutions and non-bank payment agencies may not directly or indirectly provide financing and "virtual currency" to provide account opening, registration, trading, liquidation, settlement and other products or services, shall not be covered and tokens and "virtual currency" Of the insurance business or the tokens and "virtual currency" into the scope of insurance liability. Financial institutions and non-bank payment agencies found that the currency issuance of financing transactions illegal clues should be promptly reported to the relevant departments.
4-3 / What is that: Looks like a fiat<->crypto operations ban for ALL financial organizations in China. Should we wait mass-crypto2fiat-sales on exchanges that are not in Chinese jurisdiction ? Don’t we see it now?
5-1 / The source:
五、社会公众应当高度警惕代币发行融资与交易的风险隐患
代币发行融资与交易存在多重风险，包括虚假资产风险、经营失败风险、投资炒作风险等，投资者须自行承担投资风险，希望广大投资者谨防上当受骗。
对各类使用“币”的名称开展的非法金融活动，社会公众应当强化风险防范意识和识别能力，及时举报相关违法违规线索。
5-2 / Google Translate:
Fifth, the public should be highly alert to the risk of currency issuance financing and trading risks
There are multiple risks in the issuance of coins and transactions, including false asset risk, risk of business failure, and risk of investment speculation. Investors are required to bear the risk of investment. We hope that the majority of investors will be deceived.
The use of the "currency" of the various types of illegal financial activities, the public should strengthen the risk prevention awareness and recognition ability, timely reporting of relevant illegal clues.
5-3 / What is that: «water is liquid», «sun is yellow», this part is interesting only for ones, who know nothing about crypto.
6-1 / The source:
六、充分发挥行业组织的自律作用
各类金融行业组织应当做好政策解读，督促会员单位自觉抵制与代币发行融资交易及“虚拟货币”相关的非法金融活动，远离市场乱象，加强投资者教育，共同维护正常的金融秩序。
6-2 / Google Translate:
Sixth, give full play to the role of industry organizations self-discipline
All kinds of financial industry organizations should do a good job of policy interpretation, and urge the member units to consciously resist the illegal financing activities related to the currency issuance financing transactions and the "virtual currency", away from the market chaos, strengthen investor education and jointly maintain the normal financial order.
6-3 / What is that: some kind of «message» to financial organizations covered by «all financial organizations should fight against all the bad for all the good». Many possible interpretations, but not too much practical output.
Any comments and/or corrections are appreciated.
