Xinhua News Agency: If only Bitcoin and other virtual commodities are bought and sold, ordinary people have the freedom to participate in the transaction at their own risk

2 min readJun 5, 2021

Xinhua News Agency’s “Xinhua Viewpoint” column published an article on June 2 stating that Xinhua News Agency has recently published articles focusing on the “coin circle” in order not to let the “air currency” harvest the hard-earned money of the masses. The report has received good dissemination effects, and many people have seen the “doorway” of virtual currency trading hype, such as Dogecoin, Catcoin, Piggycoin, Eelcoin and other “air coins” are like air, invisible and intangible. , There is no physical support and no application value. Once the price of such speculative targets collapses and the tide recedes, investors will only suffer huge losses and regret. Moreover, the current virtual currency transaction contract is not protected by law in our country, and the consequences and losses caused are borne by the relevant parties themselves.

The article also stated that if only virtual currencies such as Bitcoin are bought and sold as virtual commodities, ordinary people have the freedom to participate in transactions at their own risk. However, if the virtual currency is packaged as a speculative target of “a huge profit” and attract investors to the trading platform, it is necessary to tighten the system fence and safeguard the interests of the people.

When talking about supervision, the article said that the supervision of virtual currency trading activities is not a single supervision of a single department, but a comprehensive policy. Relevant departments should participate in accordance with their respective responsibilities and implement functional supervision.

Babbitt noted that this is not the first official talk about the freedom of ordinary people to trade bitcoin. As early as December 2013, the People’s Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, and the China Securities Regulatory Commission The Committee, China Insurance Regulatory Commission and other institutions jointly issued the “Notice on Preventing Bitcoin Risks.” At that time, the central bank said in a question and answer, “Bitcoin trading is a kind of commodity buying and selling behavior on the Internet, and ordinary people have the freedom to participate under the premise of their own risk.”

It is reported that in the past 10 days, Xinhua News Agency has issued 6 investigation reports in a row, from mining to trading to financing, involving multiple important links in the virtual currency industry chain. The series of reports set off a violent wind in the “coin circle” and the industry quickly cooled. As of press time, the Bitcoin price was 38,815 US dollars, which had fallen by nearly 40% from the highest point.