Topic: China strengthens digital currency management to protect the Yuan (Read 22 times)
At the 2018 national video conference dedicated to the achievements and major challenges facing the Chinese monetary system, the PBoC Deputy Governor, Mr. Fan Yifei has set the goals of protecting Yuan against the “unofficial” cryptocurrency.
Although no specific policy or regulation against crypto offered in the statement, the position taken by Fan and PboC stance is a sign of a strict policy on decentralized forms of payment.
China has taken a series of steps against digital currency trading, adding foreign and domestic digital trading platforms to its Great-fire-Wall, China also banned ICOs and related websites, as well as freezing a number of accounts used in Cryptocurrency trading. As China carries out these hardline policies, traders have fled to other markets with softer regulations toward cryptocurrencies such as Hong Kong and Japan.
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