Globaltimes Chinese News publication Calls for Crypto Regulations

Nazeefa June 11, 2018

1 minute read

There are several predictions that the Chinese Government is looking towards lifting the ban on cryptocurrency trading and imposing new regulation in a market.

Debate on cryptocurrencies

The debate over the cryptocurrency has brought an adoption of the controversial asset and the trading is been in the marketplaces of China. Several rumors have ousted by the Chief Operating Officer Zhu Jiawei, he talks about the renewal of bitcoin adoption. He further said, it never ceased the Chinese economy rather it was rapidly moving towards the innovation.

Globaltimes.cn a news website possessed by people’s daily, it is a China’s official communist party newspaper with a global circulation of around three million. It is an indication that the authority has taken the stance on crypto trading and kept on changing.

Ban imposed on crypto assets

As People’s Bank of China enforced a ban on local and foreign cryptocurrency exchanges and ICO, it has made a contrary beacon about the future of cryptos in China. The decentralized asset is using the innovative power of blockchain technology as a means for payment. It is highly speculative cryptocurrency which is making people affluent overnights.

Basically, these instances can imply China to get advance towards bitcoin and other cryptocurrencies. Zhou Xiaochuan, Governor of People’s Bank of China claims that some of these technological applications appear to lack a focus on digital payments. It seems to be a virtual asset transaction which is not aligned with China’s policy. Moreover, it stances and needs financial products to serve the real economy.

China to regulate new guidelines

The US Justice Authority has launched a criminal probe into Bitcoin price manipulation. This move indicates that US scrutiny of Bitcoin trading has uncovered a market rife with certain misconducts. It is reversing a more proactive stance on the US to take regulate the cryptocurrency market.

Earlier, China was in news for banning trading of cryptocurrencies in the nation. This ban has led to many consequences such as Huobi Exchange got relocated to Singapore. It also affected the interest of many crypto investors in China.