[2018-03-31] PBOC to Strengthen Cryptocurrency Regulations in 2018

[FollowSynergy]

The People’s Bank of China (PBOC)’s Institute of International Finance has released a report identifying cryptocurrencies as a top priority for 2018. The document claims that widespread retail investment into cryptocurrencies has the potential to pose systemic risk to the Yuan, and also emphasizes the PBOC’s intention to expand its research and development into cryptocurrencies.

Strengthening of Virtual Currency Regulations Top Chinese Monetary Policy for 2018

The report emphasizes the risks perceived to be associated with virtual currencies by the Chinese government – specifically the potential for price volatility to manifest systemic risk to the yuan in the event of widespread retail investment, the potential for criminal misuse, and the lack of a robust regulatory framework providing consumer protections to investors.

The document advocates the strengthening of China’s regulatory framework regarding cryptocurrencies, calling for the development of a comprehensive procedure for monitoring the circulation of virtual currencies. The report also supports propositions that the G20 should lead efforts to establish a global regulatory framework with regards to digital currencies, advocating information sharing and cooperation between international regulatory institutions regarding digital currencies.

The report asserts that the popularity of cryptocurrencies has grown rapidly – attributing their dramatic rise to global demand for bitcoin’s utility of providing greater efficiency and reduced costs in conducting transactions.

The report also emphasized the targeting of MLM and pyramid schemes using cryptocurrencies as a priority for Chinese regulators.

Full article: https://news.bitcoin.com/china-strengthen-cryptocurrency-regulations-2018/

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[warrior333]

All the data suggests that China will block any attempts by the Chinese to be a part of the cryptocurrency market. Communists have always been idiots. But this is a Chinese problem. No one forced them to support XI Jinping for life. I guess they all like it. Bitcoin will perfectly exist without China's support. Rumors about China's great influence on the cryptocurrency market are very exaggerated.

[richardsNY]

Bitcoin will perfectly exist without China's support. Rumors about China's great influence on the cryptocurrency market are very exaggerated.

Indeed, but even in China Bitcoin will remain a thriving currency. The peer to peer markets within China have literally exploded after the PBOC found it necessary to step in and demolish almost everything on its way. I even like to think that the Chinese government doesn't really mind the peer to peer Bitcoin market, because the capital that's being converted back and forth remains within China's borders, and that's all they care about. Their main objective is to shut down every possible way for the regular Chinese to deposit its capital in an exchange working with foreign bank accounts. It's basically a smart move, and one that will allow the local markets to exist for a very long period of time. On top of that, eventually I believe that China, once they found a way to firmly regulate this market, will come back.

[Alex077]

The People’s Bank of China (PBOC)’s Institute of International Finance has released a report identifying cryptocurrencies as a top priority for 2018. The document claims that widespread retail investment into cryptocurrencies has the potential to pose systemic risk to the Yuan, and also emphasizes the PBOC’s intention to expand its research and development into cryptocurrencies.

It is a very good, that China has not so much influence on the cryptocurrency, as it used to be. If this news came out a year ago, the rate would fall by 20-30%, and now not so many people even noticed the news.

[Lucius]

All the data suggests that China will block any attempts by the Chinese to be a part of the cryptocurrency market. Communists have always been idiots. But this is a Chinese problem. No one forced them to support XI Jinping for life. I guess they all like it. Bitcoin will perfectly exist without China's support. Rumors about China's great influence on the cryptocurrency market are very exaggerated.

They have already succeeded in doing so,BTC is a state enemy and their attitude towards cryptocurrency is consistent with that.Nobody is asking people in communism what they want,the party is above all-so when you say that nobody force them to elect Xi Jinping for life I hope you know that he is not elected by China people but "National People's Congress of China, highest state body.They have no other choice,everyone against would signed a death sentence.

Bitcoin will perfectly exist without China's support. Rumors about China's great influence on the cryptocurrency market are very exaggerated.

Indeed, but even in China Bitcoin will remain a thriving currency. The peer to peer markets within China have literally exploded after the PBOC found it necessary to step in and demolish almost everything on its way. I even like to think that the Chinese government doesn't really mind the peer to peer Bitcoin market, because the capital that's being converted back and forth remains within China's borders, and that's all they care about. Their main objective is to shut down every possible way for the regular Chinese to deposit its capital in an exchange working with foreign bank accounts. It's basically a smart move, and one that will allow the local markets to exist for a very long period of time. On top of that, eventually I believe that China, once they found a way to firmly regulate this market, will come back.

I think that China have almost no influence on cryptocurrency,despite peer to peer market is as you say "literally exploded",but is there any proof for it or this is just rumors?I also do not think that cryptocurrency will be back so soon in China,the reason is very simple from my point of view-basic ideas that are promoted with cryptocurrency can not fit into the communist system.Only coin which would eventually be allowed is the one created by the state.

I do not know did you notice but Hong Kong based exchanges Binance and Bitfinex wants to move from China to Europe,this does not happen by chance and for no reason.Also more and more miners from China search for alternative locations.

[gentlemand]

I do not know did you notice but Hong Kong based exchanges Binance and Bitfinex wants to move from China to Europe,this does not happen by chance and for no reason.Also more and more miners from China search for alternative locations.

I found it very strange the confidence these places had that Hong Kong would remain a safe outpost. It's not as if there's anyone to stop the communist party bringing it to heel until it's the same as everywhere else in China.

I wish the Chinese government all the luck in the world with their noodling. No one else gives a shit no more. Please don't come back.