Chen Weigang of the China Banking and Insurance Regulatory Commission (CBRC): The recent supervision of the Joint Commissioner's Office and the Central Committee includes three parts: the prohibition of banks from providing payment channels for speculation.

In response to the recent regulatory focus of the Non-Joint Office of the Banking and Insurance Regulatory Commission to prevent illegal fundraising in the name of "virtual currency" and "blockchain", the former Vice President of the CBRC Party School and the Supervisor of the Board of Supervisors of the State-owned Financial Institutions Board of the CBRC, Chen Weigang, told the Beijing News The reporter said that the regulator must first protect consumer interests, and three parts of the business are prohibited.
1. It is forbidden for banks to flow funds directly or indirectly to false, illegal blockchain investment targets. The investment company controlled by the bank is required to fully understand the technology of the invested company before investing, whether it is maliciously speculating on the concept of blockchain, and whether it is engaged in illegal business such as ICO.
2. Banks cannot provide payment, transfer channels, and transaction accounts for illegal fundraising projects in the name of "virtual currency" and "blockchain." The most direct is that funds obtained from speculation cannot be transferred to bank accounts.
3. Banks' own fintech innovation must also prevent false blockchain hype. Banks can apply blockchain technology, but before applying, they must fully evaluate whether the technology is in line with business logic, whether the company has sufficient qualifications, and whether it has reached the level of risk control it should have to ensure that consumer rights and interests are protected.