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Bitcoin OTC traders receive a warning letter by Chinese UnionPay

Namrata Shukla

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Source: Pixabay

China’s leading financial services corporation, UnionPay have issued a “letter on the prohibition of providing payment services for illegal transactions,” reinforcing their take on “illegal” payments by listing 25 virtual currency over-the-counter [OTC] transactions, reported Asiacryptotoday.

UnionPay, in the letter, urges prominent institutions like Wechat and Alipay to not provide services to illegal transactions in any form, instead do a good job in containing self-inspection and rectification, reported the publication. If such illegal transactions are found, they are required to immediately stop the service. The services considered to illegal include Internet sales lottery platform, token issuing financing, and virtual currency trading platform, to name a few.

UnionPay had already issued a lawyer’s letter to Wechat and Alipay, which required them to remove the relevant services and put an end to the illegal use of their trademark. They have received a warning in terms of crypto OTCs and this letter could be the final one.

This letter by the financial services corporation is in response to the “Announcement on Preventing the Risk of Subsidy Issuance Financing” issued in September 2017 that termed OTCs and other similar transactions as illegal. It further added that licensed payment agencies are restricted from providing trading services for virtual currency.



The publication reported that the Business Management Department of the People’s Bank of China issued the “Notice on Carrying out Self-inspection and Correction of Payment Services for Virtual Currency Transactions” that required payment institutions to hold self-inspection and rectification work, it had prohibited them to provide services for virtual currency transactions and to take effective measure, as per the reports. This may have been the final call for the payment channel companies.

Nevertheless, Bitcoin is a virtual commodity which can be freely traded, as per a notice issued by the People’s Bank of China and other five ministries in 2013 in order to prevent Bitcoin risk. According to the publication, in 2018 the General Principles of the Civil Law of the People’s Republic of China was implemented. In which, Chapter V of Article 127 of the Civil Rights stipulates: “If the law provides for the protection of data and virtual property of the network, it shall be in accordance with its provisions”, which is not giving away much.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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Brave co-founder and CEO hints at web3 integration for Brave browser in a few months

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Brave co-founder and CEO hints web3 integration for Brave browser in a few months
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Brave Browser, an open-source web browser based on the Chromium web browser, and its utility token, BAT has been making headlines with updates pertaining to the project’s development and the token’s price surge.

The CEO and co-founder, Brendan Eich tweeted at a software engineer at Ethereum regarding the integration of Web3 for the browser. The ETH software engineer, @cburgdof tweeted:

Burgdorf suggested an integration of Web3, which is a lightweight Java and Android library for integration with Ethereum clients. According to GitHub, web3j is a lightweight, highly modular, reactive, type-safe Java and Android library for working with Smart Contracts and integrating with clients (nodes) on the Ethereum network.

The Web3 integration allows users to work with the Ethereum blockchain, without the additional overhead of having to write one’s own integration code for the platform.

The CEO tweeted:

However, the above statement is subject to change and is only tentative.



Moreover, Brave has been seeing massive adoptions due to its unique utility. According to reports, Google Play Store saw a huge number of Brave Browser downloads following the launch of the ad-revenue program. Over the past three months, Brave crossed Chrome to become the second-most-popular app. However, in May, it lost its position and settled for the third position. Following Brave Browser on the fourth position, was the Opera browser with an inbuilt VPN.

BAT, which is obtained as rewards for the users that use Brave, was ranking 25th on CoinMarketCap and was priced at $0.36. The token has maintained consistency in price over the last seven days, however, it was down by 0.04%, at press time.





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