I heard that the previously announced system for registering deposits and withdrawals over 50,000 yuan is going to be temporarily suspended?
Yes, indeed. Recently, the central bank, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission, after issuing the previous management method for less than a month, have issued another announcement. It clearly stipulates that the large-sum registration system, which was originally scheduled to be implemented on March 1st, is to be suspended.
This means that even after March 1st, whether it is a deposit exceeding 50,000 yuan or a withdrawal exceeding 50,000 yuan, there is no need to report the source and purpose.
So why is it being temporarily suspended?
The central bank and the other two departments have cited "technical reasons" for this decision. It is understandable, as such a policy, from the announcement to the actual implementation, has only a little over a month. Moreover, in the specific execution, it involves not only all depositors but also more than 4,000 banks and many other financial institutions across the country. To have so many financial institutions fully in place in terms of system upgrades, system construction, process formulation, and personnel training within a short period is indeed a very difficult task.
Of course, apart from technical reasons, I personally believe there are other more important reasons, which is the lack of understanding among the public. Previously, on this issue, I also produced a program, and many friends in the comment section expressed their opinions, saying isn't it "voluntary deposit and free withdrawal"? Why is registration required? Where is my privacy?Some people have even directly stated, "What if I don't register truthfully? The money I've embezzled and accepted in bribes, when I deposit it and tell the bank it's from business profits, there's no way for you to check on me, right?"
In situations like these, considering the current state of affairs, there indeed doesn't seem to be a very effective solution. If it can't be well resolved, then even if the large-sum registration system is hastily implemented starting March 1st, the significance of such a system wouldn't be very substantial. In that case, it might be better not to implement it at all.
So I think the regulatory authorities might have heard such voices, which is why they decided to postpone the implementation.
Will it be implemented in the future?
I believe that is certain. Since the national departments are considering such policies, there must be very compelling reasons and causes, such as combating money laundering, punishing corruption, and managing tax evasion and other criminal activities. Once the registration system is formally and effectively implemented, it will definitely have a positive effect on combating various illegal and criminal activities.
Therefore, I believe that at some point in the future, when the timing is right, such policies will ultimately be implemented, and we can all look forward to that.
Of course, the decisive halting of the registration system this time also reflects the willingness of the relevant regulatory bodies to listen to public opinion. In terms of policy execution, they adhere to a prudent principle, which is commendable. However, on the other hand, it also indicates that in the future, when formulating relevant systems and implementing certain policies, I believe the regulatory authorities will conduct thorough research and listen to public opinion as much as possible to avoid causing panic and speculation among the public.Alright, that concludes the content for this episode. We welcome your comments and discussions.
