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Author Topic: [2018-04-09]PBOC Plans to Continue “Rectifying Cryptocurrency Activity” in China  (Read 8 times)
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April 09, 2018, 12:26:23 PM

Last year the Chinese government cracked down on initial coin offerings (ICO) and stopped all domestic cryptocurrency exchanges from dealing with the renminbi. According to local reports and the central bank’s recent ‘2018 agenda,’ the People’s Bank of China aims to finish what it started in 2017 by “rectifying” all virtual currency operations, introducing new “reforms and supervision.”

The PBOC Aims to Strengthen Virtual Currency Supervision

Ever since last year, China’s central bank has had it out for cryptocurrencies and digital asset exchanges. The People’s Bank of China (PBOC) first cracked down on ICO projects by making them illegal, but then soon after the bank made domestic cryptocurrency exchanges close down their operations. It’s been well over a year since these events occurred, but people continue to follow the PBOC’s actions to see if the government will allow digital currency exchanges to reopen. So far it doesn’t look positive, additionally, there have been indicators pointing to the bank possibly creating its own central bank digital token.

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