The People’s Bank of China Official Calls for Wider Ban on Digital Currency Trading

A senior official at the People’s Bank of China is reportedly calling for a much wider ban on offerings associated with digital currency exchange in China. Pan Gongsheng, vice governor of the central bank, stated, to prevent marketplace danger, the authorities would follow more strict regulation to end all digital currency exchange-associated activities and offerings.

Even as it’s not yet clear whether the stated memo will become instant policy, the information suggests the continuing severe stance taken by China’s main regulators towards curbing digital currency speculation and reducing perceived economic danger in China.

PBoC

However, Pan Gongsheng noted in the memo that a much wider ban should make bigger to offerings and activities such as person or institutional marketplace-makers, centralized buying and selling platforms, guarantors, or settlement companies like on-line digital currency wallets. In September, Chinese regulators banned initial coin offerings within the country and eventually required domestic exchanges to suspend digital to fiat currency order book buying and selling offerings.

Bitcoin

Following the regulations, main exchanges in China have shifted commercial enterprise attention to over the counter and overseas crypto to crypto buying and selling, services that are presently nevertheless available for citizens in China. The report indicates that Pan Gongsheng is now looking for collaboration from each central and local government to analyze and eventually block any domestic or overseas systems that permit traders in China to take part in digital currency trading and exchange.

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