Chinese Regulators

China-Backed Crypto Guru Wants to Unify the World’s Blockchains

(Bloomberg) — The blockchain world today is thousands of disparate platforms that can’t talk to each other. So a little-known startup hatched one of the most ambitious plans yet to bridge all the divides — and it’s got the backing of the Chinese government. Beijing-based Red Date Technology is at the heart of China’s first […]

Chinese Court Rules Bitcoin Is Asset Protected by Law

How To Choose An ICO To Invest In New ICOs (OTC) A court in Shanghai, China, has reportedly ruled that bitcoin is an asset protected by Chinese law in a case that has dragged on for years. The case involves a theft of two different cryptocurrencies, one being bitcoin, from an American. The defendants argued that […]

Chinese Communist Party Exec Wants State Monopoly on Digital Currency

Chen Weigang, former Vice President of China Insurance Regulatory Commission of the Communist Party, sat down with Yiben blockchain media on Feb 27 to talk about ICO regulations and digital currency trading in China. He told the media that a central bank digital currency (CBDC) is an important strategic plan for the Chinese RMB to […]

Binance not licensed to operate in Malta, regulators say

Controversial cryptocurrency exchange Binance has found itself scrambling to perform damage control and repair after regulators in Malta called it out over false claims. In a statement published by the Malta Financial Services Authority (MFSA) on Friday, the regulator made it quite clear that Binance has never received authorization to operate in the country. As […]

Huge Win For Libra As Shopify Joins Association

Today, Libra has scored a big win. The Facebook project has proven that it is down but not out. Shopify has announced that it is joining the Libra Association. Libra is a cryptocurrency project announced by Facebook last year. The project has however suffered several regulatory stepbacks from the EU and the U.S. Libra Is […]

China’s attitude could influence global crypto-regulations

They say the opposite of love is indifference; and if one thing has been made clear over the last few years, it is that governments and regulators are no longer indifferent toward cryptocurrencies. Countries like China are announcing national CBDCs left, right and center, while regulators across the world have started becoming more receptive, introducing […]

China Urged to Regulate Cryptocurrency Over Growing Libra Concerns

The powers that be in China seldom listen to advice from any outsiders. One former central banker, however, thinks that global cooperation is needed, especially in response to Facebook’s Libra. China has fast-tracked the development of its central bank digital currency (CBDC), primarily over fears that Facebook could dominate if it gets there first. The […]

Japanese Official Calls for Development of Digital Yen in ‘Two-To-Three Years

Kozo Yamamoto, a senior lawmaker from Japan’s ruling Liberal Democratic Party, has called for the development of a digital yen within “two-to-three years” to counter the digital currency initiatives of China and Facebook. According to Reuters, Yamamoto commented a draft proposal for the development of the government’s digital currency will be included in the government’s […]

China warned not to rush into creating digital currency to rival Facebook’s Libra, instead join global debate

A new theory appears to be emerging in China with regards how it should cope with the potential challenges from Facebook’s blockchain digital currency Libra, with suggestions it should shift towards working with other nations to regulate the sector rather than fast-track its own alternative medium of exchange. Debate continues over whether and how China’s […]

The United Kingdom are now classifying cryptocurrencies as property under the latest jurisdiction

UK panel has declared cryptocurrencies are a property by a legal panel. Crypto assets with unique characteristics would also be treated as property in the UK. According to The Times report, a legal panel chaired by Sir Geoffrey Vos has made the decision to classify cryptocurrencies as property. The panel ruling declared that digital assets […]

Digital yuan nears launch as China sweats over Libra

Sovereign virtual coin lets Beijing bolster oversight and boost currency abroad. China appears on track to launch a sovereign digital currency next year, becoming the first major country to do so, as Beijing aims to track money flows more closely and combat planned cryptocurrencies such as Facebook’s Libra. With work completed on conducting research and setting standards […]

China’s Central Bank Completes Design of its Digital Currency

China’s central bank, the People’s Bank of China (PBoC), has announced it has completed the design of its digital currency, local news outlet JRJ.com has reported. According to the announcement, China’s central bank digital currency has completed its “top-level design, standard formulation, functional research and development.” Mu Changchun, head of the digital currency research institute […]

Digital Currency Manual for Chinese Officials in High Demand, Enters Second Printing

A 200-page manual titled “Digital Currency: A Reader for Cadres” entered its second printing in January. The high demand signals interest from China’s government amid confusing regulations on cryptocurrencies. The handbook was first released in November, and includes a comprehensive set of 23 articles, starting from the basics of digital currencies to their impact on […]

Emerging tech firms face tighter scrutiny

PBOC officials moot stricter measures in financial sector to protect investors. Regulators are expected to adopt a tough stance on emerging technology in the financial sector and extend supervision of technology giants in an effort to curb systemic risks, central bank officials said on Tuesday. Over-innovated financial products with lagging regulation may lead to financial […]

Why China Is Banning Crypto but Is Bullish on Blockchain

Babel Finance is one of China’s largest financial service providers.  The firm works with crypto mining companies to fund the volatile industry and products including crypto-backed loans, deposit services, margin trading and derivatives. Since July 2018, Babel has issued $400 million in crypto-backed loans with a balance of more than $300 million outstanding. Before pivoting […]

China’s sovereign digital currency – still no launch date

People’s Bank of China says research and development work will continue in 2020. Beijing is keen to create a digital currency to offset perceived risks posed by bitcoin and Facebook’s Libra China’s central bank said on Sunday it will continue with its research and development into the creation of a sovereign digital currency in 2020, […]

China’s Digital Yuan Will Target Retail Payments First, Ex-Central Banker Says

One of China’s first goals with its central bank digital currency is to facilitate retail payments, a former senior official said Monday. Speaking at the Caixin Hengqin Forum in Zhuhai, former head of the People’s Bank of China Xiaochuan Zhou said the country will stress the retail use of digital payment for the digital yuan, […]

State financial regulators

The emergence of digital currencies poses a major dilemma for the guardians of economies across the globe. While some countries have taken a liking to the newcomers, others remain cautious or opted to ban them outright. Bitcoin was born nearly nine years ago as something brand new for both the world of payment systems and […]

Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would […]

Forget bitcoin, China’s crypto-yuan is set to transform banking

Digital currencies could become substitutes not just for physical cash but also for bank reserves. So is China readying its own bitcoin? Banish the thought. It’s far bigger than that. Yes, just like any other crypto-currency — or for that matter, cigarettes in POW camps — the upcoming digital yuan will be “tokenised” money. But […]

Why China’s digital yuan is ‘a dictator’s dream’

Human rights activist says Beijing is embracing blockchain technology because it serves its totalitarian agenda. China’s President Xi Jinping last month enthusiastically endorsed blockchain technology, generating much excitement in the global crypto community. However, a subsequent crackdown on crypto traders by the People’s Bank of China has made it clear that Beijing’s fondness for such revolutionary technology does not extend […]

Is Bitcoin Banned in China?

Earlier this month, the People’s Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.” As per the news, China aims to clamp down on “all cryptocurrency trading with […]

China Takes Another Step Away From USD Hegemony

The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro from 16.34% to 17.40%. The change could signal further disassociation […]

Bubble or smart bet? Blockchain-stock frenzy in China spotlights hype and hope for investors in new technology

Profitable application of promising technology is years away, analysts say Xi Jinping’s call for rapid blockchain development creates quick boom and bust for linked stocks Are blockchain stocks the next big thing for investors? Analysts think not. They smell another speculative bubble. Blockchain-related stocks went on a wild roller-coaster ride last week, triggered by a […]

New digital currency sets the world talking

Adoption of stablecoins proves popular. Different forms of currency have been used over the ages — such as seashells, wampum and metal coins — and in more recent times, bank notes made from paper and plastic are in wide circulation. Nowadays, the digital era is set to redefine the features of money and the ways […]

Chinese Regulators Question 8 Crypto Companies in Shenzhen

Authorities in Shenzhen have started pressuring crypto businesses operating in China’s tech capital. Eight companies, two suspected operators of trading platforms, and six entities allegedly associated with coin offerings, have been placed under inquiry, Chinese media revealed, with authorities reportedly questioning their representatives at a meeting hosted by Shenzhen Financial Regulatory Bureau. Exchanges and ICOs Under […]

Binance to Launch Fetch.Ai Token Sale at End of February

The exchange also said that it will start offering StableUSD in a week’s time. Cryptocurrency exchange Binance announced on Friday that it is going to be hosting the initial coin offering (ICO) for blockchain company Fetch.Ai (Fetch) For those of you unfamiliar with the firm Fetch is creating something akin to a blockchain internet. The company’s focusing its efforts […]

China plans to launch its own digital currency

China plans to launch its own digital currency to stay ahead of the global competition with its central bank approving proposals to conduct trials in some cities, official media here reported on Tuesday. China’s central bank – the People’s Bank of China (PBC) – has stepped up efforts to roll out its Digital Currency Electronic […]

Scroll to top