China to Tighten Cryptocurrency Policy

January 16, 2018

China to Tighten Cryptocurrency Policy

One of the chief managers in People’s Bank of China insists on the country’s authorities imposing a ban on public crypto trading as well as private entrepreneurs and companies providing such services. This was revealed to Reuters which gained access to the official note of the meeting.  

The idea was put forth by a Deputy Governor of People’s Bank of China Pan Gongsheng who vaticinated Bitcoin to die soon last December. The official note provides a detailed description of the discussion among the Internet regulatory authorities and other legislative officials. Gongsheng asserted the government must keep on putting pressure on crypto trading to prevent national market risks.

As he put it, state and local authorities in China must close all sites for public cryptocurrency trading. In addition, they must block all self-employed individuals and companies that render market-making, surety as well as settlement services for trading cryptocurrency. For instance, they include cryptocurrency wallet providers.

It is to be recalled that in 2017 China saw a number of essential resolutions made which constrained cryptocurrency outspread: ICO procedure was banned, all local crypto exchanges closed, mining restricted. Despite all this, crypto activity in the country is still rather high as citizens found other ways to enter crypto world.

Pan added, the authorities must also block all websites and mobile applications providing trading services for Chinese users and clamp sanctions upon platforms conducting cryptocurrency payments. He called local authorities to check services that allow the citizens to transfer money abroad.

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