The National Monetary Authority issued a notice yesterday stating that both the cryptocurrency industry and the banking sector have exploded. Many people believe that it can bring a huge amount of liquidity, and the notice from the Hong Kong Monetary Authority allows mainland branches of Hong Kong and Macau banks to offer bank card services. Many people think that this is because the country has liberalized financial regulation, allowing countrymen to apply for Hong Kong and Macao bank cards in China. Actually, it's not like that. The bank card business that has been opened this time is mainly for domestic cards, not for opening accounts with overseas cards. How do you understand this? In the past, banks in Hong Kong and Macao, although they had branches in the mainland, could not provide bank card services to Chinese people. Now they are free to do so. But the ones that can be processed are still domestic bank cards, not overseas cards. What is the difference between domestic cards and overseas cards? Domestic cards are regulated by the National Monetary Authority, with a foreign currency limit of $50000 per person per year. Overseas cards are not regulated by the National Monetary Authority, and foreign exchange funds can be transferred in and out freely. Domestic cards can only open domestic securities accounts, speculate on A-shares, or have 500000 funds to open the Hong Kong Stock Connect and buy Hong Kong stocks. But if you have an overseas card, you can open an overseas account, trade Hong Kong stocks and US stocks, and directly enter the gold coin circle. This makes it easy to understand that it is impossible to open an account at home with an overseas card, because once it is opened, a large number of countrymen will scramble to open an overseas card, and then speculate on foreign stocks, cryptocurrencies and other assets. Domestic funds will flow out in large quantities, the RMB exchange rate will also be under pressure, and A-shares will also be bled.