China will continue to «correct» the work of the cryptocurrency industry

Last fall the Chinese government first banned
the holding of ICO, and then ordered
all cryptocurrency exchanges to stop the work. According to local media reports and plans of the people’s Bank of China (PBOC) for the year 2018, the authorities plan to finish in 2017 by «correction» all transactions with virtual currencies and implement the new «reform and supervision».

Despite the fact that the last serious action against the cryptocurrency industry, the Chinese government has taken more than six months ago, the community continues to monitor the actions of the IBOs in the hope that the financial regulator allowed exchanges to resume work. However, so far nothing indicates that this could happen, on the contrary, last month a Chinese politician suggested
to create a national cryptocurrency exchange, which rather speaks of the planned monopolization of the industry, not the return of free trade. In addition, according to numerous reports, the Central Bank is preparing to release its own digital token.

At the end of last month, the NBK announced that it plans to continue to fight cryptocurrency transactions including multi-level marketing scheme (MLM). According to the Vice-President of NBK Fan Ifaa (Fan Yifei), NBK explores the issue of private token – a digital of the yuan.

«Will adjust for all types of virtual currencies,» he said. he. «First and foremost, we will launch the reform and innovation to promote research and development in the field of issuing its own digital currency the Central Bank. Secondly, the Bank should strengthen the control and adjust the operation of all types of virtual currencies».

In addition, on 3 April, the head of financial research NBK sun, Guofeng (Sun Guofeng) explained that traditional Fiat currency have an adverse impact on interest rates in the economy, and the currency issued by the PBC, will increase interest rates. Guofeng believes that digital currency can help the NBK to address the issue of negative interest and therefore development and research of the Central Bank needs to be accelerated.

«In the long term due to the lower natural interest rate, the monetary authorities of regulation may include a policy of negative interest rates in its natural complex of measures,» explains sun Guofeng. «Due to the fact that digital currency can solve this problem, the Central Bank needs to accelerate its development.»

Despite the fact that in recent months testified to the fact that China continues
the fight against the cryptocurrency industry, the government realizes the potential of the technology of the blockchain. In mid-March, it was reported that the Chinese government is considering the establishment of national standards to encourage the development of blockchain technology and distributed registry (DLT) in the country. In addition, recently it became known that the Chinese petrochemical giant Sinochem Group used the blockchain to export goods.

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