Peoples Bank of China eyes cryptocurrencies as possible yuan risk

Friday 30 March 2018 00:33 CET | News

People’s Bank of China (PBoC) has said cryptocurrencies will be one of its top priorities in 2018, in an effort to protect the national currency.

According to an official announcement, Chinas Central Bank representatives praised the ongoing progress on central bank digital currency research and development, highlighting that one of the three priorities for 2018 will be ensuring the integrity of the Chinese yuan.

To that effort, the agency will reinforce its regulatory measures both internally and with external parties to “rectify different kinds of cryptocurrencies.” At the beginning of March 2018, the bank’s former governor, struck a critical tone towards cryptocurrency speculation and the perceived risks it poses to the countrys financial stability, according to CoinDesk.

Additionally, a notice from Chinas Ministry of Public Security in January 2018 said it will take aim at cryptocurrency-related pyramid schemes. Earlier in March 2018, reports also suggested that the Public Information Network Security Supervision agency under the Ministry of Public Security has been expanding the scope of its internet monitoring to overseas cryptocurrency exchanges that are servicing domestic investors.

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Keywords: PBOC, regulation, crypto exchanges, yuan, China, cryptocurrency
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3