Chinese regulator plans to continue “removal of cryptocurrency activity in the country”

Chinese regulator plans to continue “removal of cryptocurrency activity in the country”

Last year the Chinese government at the legislative level to prohibit the holding of ICO and stopped with the yuan of all cryptocurrency exchanges. According to local editions, and announced plans of the people’s Bank of China (PBOC) for the year 2018, the regulator aims to complete the initiated by the “correction” all transactions made with the virtual currency and the introduction of new “reforms and principles of supervision.”

It has been many months since then, as was her inhibitions, but investors continued to monitor the actions of the IBOs in the hope that sooner or later the government dreams will allow operation of cryptocurrency exchanges. It is worth noting that such a development is unlikely given the rumors that the Bank plans to create its own digital currency. Moreover, talking about the opening of a public cryptocurrency exchanges.

Last week representatives of the NBK, said that the Bank will continue to work towards the detection and suppression of cryptocurrency transactions, including schemes of multilevel trade. According to the representative of the institution, the Central Bank conducts research with the aim of creating your own digital of the yuan:

“There will be an updating of all types of virtual currencies. First and foremost, we will launch the reform and innovation to promote research and development in the field of issuing its own digital currency the Central Bank. Secondly, the Bank should strengthen the control and adjust the operation of all types of virtual currencies”

On 3 April, the Director General of the NSC for financial research, sun Guofeng said that traditional funds have an adverse impact on interest rates in the economy, and cryptocurrency issued by the Central Bank will increase interest rates. Based on many reports in recent years China was interested in developing its own cryptocurrency, and the Central Bank participated in many blockchain studies. Sun Guofeng believes that digital currency can help the NSC in the application of methods of negative interest rates, and therefore progress in the field of research and development the Central Bank should be accelerated.

“In the long term due to the lower natural interest rate, the monetary authorities of regulation may include a policy of negative interest rates in the normal tools of monetary policy,” explains sun Guofeng.

They say that the Chinese government still has a negative attitude towards cryptocurrency, but the concept of the blockchain is close to him. Speculators believe that the digital Renminbi, issued by the PBC, could destroy public baccani, for example, the Bitcoin blockchain. Currently there is no information about what action is going to take the regulator of China. In the vast majority of reports describes in detail how the IBO monitors the exchange who have moved abroad, as well as the OTC market of digital currency, which is under the watchful eye of the Central Bank.

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