Legal analysis: The People's Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission stipulate that financial institutions and payment institutions are not allowed to conduct business related to Bitcoin, and illegal Bitcoin Internet sites are closed according to law.

Legal basis: Notice of the People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission on Preventing Bitcoin Risks

II. Financial institutions and payment institutions are not allowed to conduct business related to Bitcoin

At this stage, financial institutions and payment institutions are not allowed to price products or services with Bitcoin, nor are they allowed to buy or sell Bitcoin as central counterparties. Do not underwrite insurance business related to Bitcoin or include Bitcoin in the scope of insurance liability, and do not directly or indirectly provide customers with other services related to Bitcoin, including: providing customers with services such as Bitcoin registration, trading, clearing and settlement; Accept bitcoin or use bitcoin as a payment and settlement tool; Carry out bitcoin exchange services with RMB and foreign currency; Carry out bitcoin storage, custody, mortgage and other businesses; Issuing financial products related to Bitcoin; Take Bitcoin as the investment target of trusts, funds and other investments.

iii. strengthening the management of bitcoin internet sites

according to the regulations of the people's Republic of China on telecommunications and the measures for the administration of internet information services, internet sites that provide services such as bitcoin registration and trading should be filed with telecommunications regulatory agencies.

according to the identification and punishment opinions of the relevant administrative departments, the telecommunications regulatory agency shall shut down illegal bitcoin internet sites according to law.