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

Babbitt News: Xinhua News Agency's "Xinhua Viewpoint" column published an article on June 2, saying that Xinhua News Agency has recently issued a series of articles to keep a close eye on the "currency circle" in order to prevent "air coins" from harvesting the hard-earned money of the people. The report has received a good communication effect, and many people have seen the "doorway" of virtual currency trading speculation. "Air coins" such as Dogecoin, Catcoin, Pigcoin, and Eelcoin are like air, invisible and intangible, without 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 regrets. Moreover, virtual currency transaction contracts are currently not protected by law in my country, and the consequences and losses caused are borne by the relevant parties themselves.

The article also states that if virtual currencies such as Bitcoin are only traded as virtual commodities, ordinary people have the freedom to participate in transactions at their own risk. However, if virtual currencies are packaged as "profitable" speculative targets to attract investors to trading platforms, the institutional fence must be tightened to protect the interests of the people.

When it comes to supervision, the article says that the supervision of virtual currency trading speculation activities is not a single supervision by a single department, but a comprehensive approach. Relevant departments should participate in accordance with their respective responsibilities and implement functional supervision.

Babbitt noted that this is not the first time that the government has talked about the freedom of ordinary people to trade Bitcoin. As early as early December 2013, the People's Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and other institutions jointly issued the "Notice on Preventing Bitcoin Risks". At that time, the central bank said in response to questions, "Bitcoin transactions are a commodity trading behavior on the Internet, and ordinary people have the freedom to participate on the premise of assuming their own risks."

It is reported that in the past 10 days, Xinhua News Agency has published 6 investigative reports, covering many important links in the virtual currency industry chain, from mining to trading to financing. The series of reports set off a storm in the "cryptocurrency circle", and the industry quickly cooled down. As of press time, the price of Bitcoin was $38,815, which has fallen nearly 40% from its peak.