A professor at China’s Renmin University has offered his interpretation of why the regulators are shutting down Chinese bitcoin exchanges. He outlined seven key reasons.
Professor Yang Dong is Deputy Dean of Renmin University’s Law School and Director of Renmin’s Centre for Fintech and Internet Security. He has spoken at many workshops that were well attended by regulators such as the Bank of China and the China Securities Regulatory Commission, as well as academic researchers, think tanks and lawyers.
In an interview on CCTV, he offered a series of explanations why the regulators are closing down Chinese bitcoin exchanges, China Finance Online reported on Friday.
The first point he made concerns licensing. He said that financial institutions are required to obtain licenses to carry out business such as by the China Banking Regulatory Commission and the China Insurance Regulatory Commission (CIRC).
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