China’s Central Bank Regards Cryptocurrency as Threat to Yuan

March 29, 2018

People’s Bank of China has informed, cryptocurrencies are among top priorities for the institution this year so main effort will be targeted at protecting national currency yuan against them.

The Bank has shared its agenda for 2018 in the official paper published on Thursday. As the PBoC’s deputy head Fan Yifei has noted, the country has made good progress in studying cryptocurrencies and marked three priorities for this year that will allow for maintaining yuan immunity.

As he put it, the Bank is going to strengthen both internal and external regulatory measures to make amendments for various cryptocurrencies.

Although Fan’s statement hasn’t disclosed some specific plans for cryptocurrencies, it fits into a bigger picture of the Bank’s attitude towards digital currencies and its intension to delve into the projects promising financial risks for the country.

It is to be noted, the agency’s spokespersons expressed their wish earlier to ban centralized crypto trading.

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