People's Daily Commentary Department: "The cryptocurrency circle" urgently needs supervision

The People's Daily Commentary Department published an article on its WeChat public account. Since last year, virtual currencies represented by Bitcoin have been continuously hyped, with prices soaring and plummeting, causing investors to lament and onlookers to sigh. Recently, some media conducted a follow-up investigation on the virtual currency market and found that some Bitcoin "mines" were selling dog meat under the guise of "data centers", which caused an explosive increase in power consumption. Not only that, driven by interests, some people took risks and tried every means to bypass the risk control of financial institutions to engage in speculative transactions, accumulating huge investment risks. From upstream "mining" to downstream transactions, the problematic "currency circle" urgently needs to be "circled" in supervision. The repeated reminders and warnings of relevant departments are to help investors recognize the high risks behind the hype of virtual currencies and prevent blind obedience and recklessness under the herd effect. Strengthening the supervision of platform enterprises' financial activities, cracking down on Bitcoin mining and trading behaviors, and resolutely preventing individual risks from being transmitted to the social field, it should be said that this attitude is consistent, clear and resolute in rectifying the issue of virtual currency trading speculation. To regulate virtual currencies, we must not only "sound the alarm" to investors, but also cut off the channels for financial institutions and payment institutions to participate in virtual currency market transactions, and put out the "false fire" of relevant institutions promoting virtual currencies from the source. (People's Daily comment)