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PBOC: Virtual Currencies Don't Possess Same Legal Status as Flat Currency
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The People's Bank of China (PBOC), the China Securities Regulatory Commission (CSRC) and six other departments issued a Notice on Further Preventing and Handling Risks Related to Virtual Currencies and Others clarifying the fundamental nature of virtual currencies, tokenization of real-world assets (RWAs) and related business activities. The notice emphasizes that virtual currencies do not have the same legal status as flat currencies. Virtual currencies such as Bitcoin, Ether and Tether have key characteristics including issuance by non-monetary authorities, use of encryption technology and distributed ledgers or similar technologies, and existence in digital form. They lack legal tender status and should not, nor can they, circulate as currency in the market. AASTOCKS Financial News Website: www.aastocks.com |
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