Report: Beijing to Ramp up Crypto Regulations

The People’s Bank of China (PBOC) may have a pro-market governor now but it looks like Chinese cryptocurrency regulations will just get tighter and tighter.

According to Bitcoin.com, the PBOC recently released a report stating that it sees widespread retail cryptocurrency investing as a hazard to the economy, specifically, a potential “systemic risk to the yuan” which incidentally poses a high risk of “criminal misuse.” As such, it feels that more oversight should be in order:

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.

It also emphasized the need to target crypto-fueled MLM and pyramid schemes, saying that it should be among the top priorities for regulators.

All that said, the report did have some good news in it. Apparently, the PBOC wants to make the “R&D of the central bank’s digital currency” a top policy priority this year, so yeah, it’s pretty much confirmed, the PBOC’s cryptocurrency is still on track.

Photo: Junjiewu99