#PI The tariffs mainly have the following impacts on Virtual Money:

Transaction cost aspect

• If tariffs are imposed on products or services involving Virtual Money, such as Virtual Money mining equipment, it will increase mining costs, which may subsequently affect the production costs and transaction costs of Virtual Money, leading to price fluctuations.

Market demand aspect

• Tariff policies may affect the development of industries related to Virtual Money, such as when some countries implement strict regulations and impose high tariffs on cryptocurrency-related businesses, which can suppress investment and development in related industries and reduce market demand for Virtual Money.

• From an international trade perspective, tariffs may affect the circulation of Virtual Money between different countries. Higher tariffs will increase the cost of cross-border transactions, restrict the cross-border trading of Virtual Money, and affect its market demand and price.

Industry Development

• Tariff policies, as a means of macroeconomic regulation, if levied with heavy taxes on the virtual money-related industry, will restrict the development of the industry and reduce innovation and investment.

• Some countries provide tariff concessions or tax exemption policies for related businesses to encourage the development of emerging industries such as blockchain technology. This will attract more resources to invest, promote industry development, and indirectly affect the Virtual Money market.

However, it is important to note that virtual money trading is not legally protected in many countries and regions, and is even strictly prohibited due to its significant financial risks, such as market volatility risk, technical risk, regulatory risk, etc. It may also be used for money laundering, illegal economic activities, and so on. Therefore, the impact of tariffs on it is relatively complex and uncertain.