“Bitcoin, digital currency car purchase”? GAC Weilai apologizes for not fully considering and not obtaining financial regulatory permission

Source: Beijing business daily (reporter Yue Pinyu, Liu Sihong) on December 31, GAC Weilai issued an apology statement, saying that it became the first auto enterprise to accept the purchase of digital currency without fully considering and obtaining the financial regulatory permission, which aroused the attention of the public and deeply apologized. On the morning of that day, GAC Weilai’s official microblog announced that it would accept payment for car purchase in bitcoin, becoming the first auto enterprise in China to accept payment in bitcoin. Soon after, the microblog changed the payment from “bitcoin” to “digital currency”, but the figure still has the bitcoin logo. At present, the microblog has also been deleted. As a matter of fact, as early as December 2013, the central bank, the Ministry of industry and information technology and other departments jointly issued the “notice on prevention of bitcoin risk” (hereinafter referred to as the “notice”). The notice clearly clarifies the nature of bitcoin, saying that bitcoin is not issued by the national currency issuing agency, nor does it have the monetary attributes of legal compensation and compulsion. Therefore, bitcoin is not a real currency, nor can it be used or circulated in the market as a currency. The notice requires that financial institutions and Payment institutions shall not price products or services with bitcoin, buy or sell bitcoin as a central counter party, underwrite insurance business related to bitcoin or include bitcoin into the insurance liability scope, and shall not directly or indirectly provide customers with other bitcoin related services.

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