Hello, i query has informed the central bank and other ten ministries and commissions of the contents of the 924 notice, which is equivalent to announcing that the blockchain decentralized finance is fully launched. Defi is illegal in China: 1)Defi's business content is illegal in China; It must be strictly prohibited and resolutely banned. 2) Clearly put forward the "overseas virtual exchange", prohibiting the provision of services to China, and investigating the legal responsibilities of the personnel and institutions that "provide marketing promotion, payment and settlement, technical support and other services". 3) Logically, it can be inferred that for the above reasons, participation in the development and governance of Defi project may also be investigated for legal responsibility. Specifically, the circular 1 (1) clarifies the scope of "virtual currency", covering all decentralized encrypted digital currency circulating in the market, and reiterates that it cannot be used as a currency circulating in the market; (the scope of prompt can be said to be a perfect enumeration of the scope of Defi. The original text is as follows: > (2) The business activities related to virtual currency belong to illegal financial activities. Legal tender and virtual currency exchange business, virtual currency exchange business, buying and selling virtual currency as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, virtual currency derivatives trading and other virtual currency-related business activities are strictly prohibited, and illegal financial activities such as illegal sale of token certificates, unauthorized public issuance of securities, illegal futures business and illegal fund-raising are resolutely banned according to law. If carrying out relevant illegal financial activities constitutes a crime, criminal responsibility shall be investigated according to law. Conclusion 2) above does not mention the type of exchange. From the normal logic, of course, it covers all types-whether you are centralized or decentralized-unless, unless specified later. However, judging from the illegal nature and internal reasons of "virtual currency-related business activities" in the Notice, it is only "gray" for a period of time at most.