Charlie Munger: China faces a cryptocurrency ban.

Charlie Munger, vice chairman of Berkshire Hathaway, the capital of the Warren Buffett group, believes China's decision to ban crypto is justified. This billionaire trader has never been a fan of Bitcoin.

According to a Dec. 3 report from the Australian Financial Research Institute, Munger, 97, told the Sohn Hearts & Minds landmark conference in Sydney: "I made the wrong decision."

Munger praised China for not letting cryptocurrency capital go too far, saying it "has taken a better stance." He also said he would not buy cryptocurrencies and hoped that cryptocurrencies would never be created. He said that today the global business environment is "crazier" than the dot-com bubble of the 1990s.

"It's hard for both parties to join in this crazy success which seems to be going well, everyone wants relief, my emotions, I want to get good sales for people, money, no problems for them. He also said that people in the cryptocurrency industry "don't think of their customers, they think of themselves."

According to the Financial News Company, Munger's statement that "China has decided" means that China has always maintained a positive outlook for the hype of the virtual currency market.

According to this website, in 2013, the People's Bank of China and five other agencies issued a “Bitcoin Risk Protection Notice,” claiming that Bitcoin does not have the same money-based rules and cannot and cannot must not be spent. . hours. Financial institutions and payment companies "do not use Bitcoin as the price of a product or service, do not buy or sell Bitcoin as an intermediary partner, do not subscribe to an insurance business related to Bitcoin or do not include Bitcoin as a liability; we do not directly or indirectly represent our customers who provide other services related to Bitcoin. "

In 2017, the People's Financial Corporation of China, together with the Central Administration of cyberspace and 7 other departments, announced the "Anti-Money Laundering Strategy", making virtual currency trading platforms and ICOs ( Initial Coin Offering) unreliable in financial transactions. . and maintenance and repair work

Starting in 2021, the People's Bank of China will question some banks and payment institutions on the issue of the virtual currency hype, allow banks and payment companies to issue a "Bitcoin Risk Protection Notice" and a "Bitcoin Risk Protection Notice" called for a strict report. another one. The regulations state that the role of customer identification must be fulfilled and that products or services such as account opening, registration, marketing, deregistration and remuneration must not be attributed to related works.

On September 24, 10 departments, including the Corporate Governance Corporation, jointly convened a “Report on the Protection and Risk Management of Virtual Advertising”. Currency trading is a financially illegal activity, and it is also illegal to exchange foreign currency to provide services to people in China on the Internet. On the same day, the National Development and Reform Commission and 11 other departments jointly issued a "Notice of Innovation in Virtual Currency Mining" Activities "to revise the" coin speculation "model of all chains.