What Does Announcement 24 Mean, Announcement 24 has been a hot topic of discussion in the cryptocurrency community since its, General, what-does-announcement-24-mean, JPOSE
Announcement 24 has been a hot topic of discussion in the cryptocurrency community since its release. The announcement, made by the People's Bank of China (PBOC), outlines the regulations that will be put in place to govern the use of cryptocurrencies in China.
Firstly, the announcement states that all initial coin offerings (ICOs) are illegal in China. This means that any company or individual who wishes to raise funds through an ICO in China will not be able to do so legally. The PBOC also stated that any completed ICOs must refund their investors.
Secondly, the announcement requires all cryptocurrency exchanges operating in China to register with the government and obtain a license. This is to ensure that the exchanges are compliant with anti-money laundering (AML) and know your customer (KYC) regulations. Exchanges that fail to register or obtain a license will be shut down.
Thirdly, the announcement prohibits all Chinese banks from dealing with cryptocurrencies. This means that banks will not be able to offer any services related to cryptocurrencies, such as opening accounts for cryptocurrency exchanges or providing loans to cryptocurrency businesses.
The PBOC also stated that it will be conducting on-site inspections of cryptocurrency exchanges to ensure compliance with the new regulations. The announcement warns that any exchange found to be violating the regulations will be immediately shut down.
Many in the cryptocurrency community have criticized Announcement 24, stating that it is a step backwards for the industry. However, others have praised the regulations as a necessary step towards legitimizing cryptocurrencies in China.
Overall, Announcement 24 means that the use of cryptocurrencies in China will be heavily regulated. It is important for businesses and individuals operating in the cryptocurrency industry in China to comply with the new regulations to avoid legal consequences.