The new central bank regulations require ATM transfers to be delayed by 24 hours. Is the spring of Bitcoin coming?

It's not even winter yet, but Beijing is already chilly. During the National Day holiday, several major events closely related to our lives made us feel that a "severe" winter is coming! In an environment where various new regulations are stricter, how can we complete the most frequent payments and travel in life more efficiently, at a low cost, and freely?

During the National Day holiday, the draft of new regulations on online ride-hailing services released in Beijing, Shanghai, Guangzhou and Shenzhen has also caused considerable controversy in the past two days. In addition to the official inclusion of the RMB in the SDR (Special Drawing Rights) on October 1 and the sudden plunge of 10% in the pound, the central bank has also been busy in other areas.

Some time ago, several college students died from telecommunications fraud. The media reported and reprinted the news, and it also made it to the hot search list.

On September 30, the central bank’s official website released the “Notice of the People’s Bank of China on Strengthening Payment and Settlement Management and Preventing New Types of Illegal and Criminal Activities in Telecom Networks.”

Attention! It must be related to you! The new regulations mainly include the following points:

1. A person can only open one Type I account in a bank

In order to effectively curb the buying and selling of accounts and the opening of fake accounts, starting from December 1, personal accounts will be divided into three categories: I, II, and III. If you want to open a new account, you can only choose Category II or Category III. Within three months after the new notice is issued, there will be no handling fees for cash withdrawals and transfers between peers.

Type I accounts are full-function accounts with unlimited usage scope and amount, and can handle various businesses such as transfers, pensions, provident funds, etc.; Type II accounts need to be bound to Type I accounts, and the funds come from Type I. They are mainly used to handle deposits, purchase of investment and financial products, consumption and bill payments, etc.; Type III accounts are mainly used for online payments, and only one can be opened.

Starting from December 1, individuals who have already opened a Class I account in the same bank will no longer be allowed to open a new Class I account, but can only open Class II or III accounts. Class I accounts opened by individuals before December 1, 2016 are not affected by this regulation and can still be used normally. In fact, most individual depositors currently have only one Class I account in the same bank.

2. Transfers to others will arrive in 24 hours and can be revoked within 24 hours

Starting from December 1, if an individual transfers money to a non-name account through a bank ATM, the funds will be credited to the account within 24 hours.

In addition, in order to minimize the chances of fraudsters inducing victims to transfer funds and cash out stolen money, starting from December 1, except for transfers to one's own bank accounts, if an individual transfers money through an ATM, the issuing bank will process the transfer 24 hours after accepting the transfer, and the individual can apply to the issuing bank to cancel the transfer within 24 hours.

3. Alipay and WeChat should limit the number of transfers

The "Notice" imposes restrictions on personal payment accounts of payment institutions such as Alipay and WeChat Pay.

Similar to the requirements for banks, from December 1, when non-bank payment institutions open payment accounts for individuals, the same person can only open one full-function payment account at the same payment institution. At the same time, payment institutions are required to sign an agreement with the units and individuals when opening payment accounts for units and individuals from December 1, stipulating the daily cumulative transfer limit and number of transactions between payment accounts and payment accounts, and between payment accounts and bank accounts. If the limit and number of transactions are exceeded, no more transfer business shall be processed.

4. Account will be suspended if there is no activity within 6 months

The notice requires that banks and payment institutions should strengthen the monitoring of account transaction activities. For accounts that have no transaction records within 6 months from the date of account opening, banks should suspend their non-counter services and payment institutions should suspend all their services. Banks and payment institutions can resume their services after re-verifying the identities of units and individuals.

5. If the personal online banking transfer exceeds 300,000, it needs to be confirmed again

The new regulations require that, except for transferring money to one's own bank account, when banks handle non-counter transfer business for individuals, if the cumulative amount in a single day exceeds 50,000 yuan, they must use safe and reliable payment instruction verification methods such as digital certificates or electronic signatures.

If the cumulative amount of non-counter transfers of corporate or individual bank accounts in a single day exceeds RMB 1 million or RMB 300,000 respectively, the bank shall issue a reminder for large-value transactions and the transfer may only be made after confirmation by the corporate or individual.

6. The same mobile phone number corresponds to the same ID card

The ID card number corresponds to the contact phone number. In the case where the same phone number corresponds to multiple accounts, banks and payment institutions need to confirm with the parties. In the case of minors or elderly people using the mobile phone number reserved for adults, it can remain unchanged after the parties provide an explanation. This regulation is mainly to prevent criminals from manipulating multiple bank accounts with the same mobile phone number.

7. Severe penalties for buying and selling accounts or opening false accounts

According to the new regulations, those who buy and sell accounts or open accounts under false names will face severe penalties: their non-counter bank account transactions and all payment account transactions will be suspended for five years, and no new accounts will be opened for them within three years.

Fraud is extremely abominable, but the efficiency of the whole society must also be taken into account. If you need money at a critical moment of life and death, you can't delay things. All rules should find a balance point in society.

Fortunately, in addition to ATM transfers, we also have online banking and digital currencies such as Bitcoin. Trading and transferring Bitcoin on a formal platform not only complies with KYC policies and ensures the safety of your own property, but also allows for rapid global transfers, and each online transfer fee is only a few cents.

However, please note that transactions that have been confirmed on the Bitcoin network cannot be revoked. If you want to recover the money, you can only contact the recipient to send you Bitcoins. Therefore, do not easily transfer your Bitcoins to untrustworthy people.