Source from: Chinese Finance Department (中国财务部)
Recently, the Chinese government is poised to aggressively raise the value of RMB due to the lowest economic growth rate in the last 25 years. In the meantime, the USD is showing signs of strong economic growth, causing a big surge in prices.
A new cross-border remittance for the digital currency (virtual currency), which the Chinese government is introducing, will be on July 1st.
The amendments to the new money transfer law have some restrictions, and most of these amendments have already been prescribed, but there has been no legal penalty for the new law. But the period of adaptation for the new revision law is already coming to an end, and the effective date of the law will be effective from July 1.
The new law is this:
- The maximum number of remittances a person can make abroad in a year will be $ 50,000 and must be reported to the supervisory body when the number exceeds
- Each transaction will be $ 10,000 per day.
- Individuals will be required to submit a transcript report periodically in the future
- Individuals are prohibited from exporting their bond-related assets to foreign countries in the future, including real estate under insurance products.
- Not only individuals, but also their own quota ($ 50,000) will not be able to transfer money to others.
- If an individual breaks this law once, it will be on the list under a strong order, and a thorough surveillance investigation will come in.
So what happens to the BTC and other Altcoins? Will the market volatility we worry about on July 1?!?!
Perhaps it will.
Perhaps more people will be focusing on the bitcoin UASF on August 1, but we couldn't ignore China capital outflow by the new published Chinese law on July 1st.
But I say to look at this from a different point of view, I will look more psychologically. People think Bitcoin or ETH is simply investing to realize quick profits, but smart money always goes to a safe door.