The Vice Governor of the People's Bank, Fan Yifei, said this while presenting the agenda for the upcoming economic development conference, which is to be held soon. He highly appreciated the analytical work of the Central Bank’s group of experts in studying the technologies and risks of operating cryptocurrencies in the jurisdiction of the PRC.
The Central Bank of China stated that its direct task is to respect the interests of the national currency, the yuan, and therefore it will not allow cryptocurrencies to threaten its stability.
Work on researching the digital economy is becoming part of the task of Chinese regulators to minimize all possible risks to the financial stability of the state.
Fan Yifei also noted that the Central Bank will make every effort to eliminate these risks both in China itself and beyond its borders. Apparently, we are talking about Chinese cryptocurrency exchanges that have changed their legal address, but continue to work with users of the Middle Kingdom.
( We previously reported that Chinese police are expanding Internet monitoring and intend to monitor crypto platforms that have moved abroad)
The representative of the Central Bank also promised that regulations in relation to trading platforms operating in China will only be “strengthened,” but regulators will not limit their interest to this; they see their mission as “fixing various types of cryptocurrencies” outside Chinese borders.
Apparently, monitoring, bans and blocking accounts on social networks Regulators are not going to limit themselves, and a lot of unpleasant news awaits us.
Separately on the agenda is the issue of the national cryptocurrency, the crypto-yuan. The director of the Digital Currency Research Institute of the People's Bank of China Yao Qian announced the need for such a step back in January of this year.
You May Also Like
Kazakhstan tracks taxpayers using blockchain
Blockchain technology in Kazakhstan is confidently becoming an everyday reality due to the active interest in the technology of the public administration segment and the financial sector of the country. Thanks to government support for the development of digital technologies, it became possible to develop a fiscal system based on Blockchain technology.
Cryptocurrency could solve Zimbabwe's cash shortage problem
According to Mthuli Ncube, Zimbabwe's new finance minister, cryptocurrency can help the South African country solve the cash crunch crisis that has been ongoing for the past two years.
