Beijing authorities: only People’s Bank of China can issue digital currency



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Beijing authorities: only People’s Bank of China can issue digital currency

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Beijing regulators will tighten cryptocurrency industry supervision. This was stated by the head of the financial bureau of the Chinese capital, Ho Xuewen, emphasizing that only the central bank of China can issue digital currencies, 8btc reports.

He once again noted that it is illegal to issue, trade or sell cryptocurrency in China, and the regulator itself has “zero tolerance” to digital currencies.

In addition, Xuewen said many cryptocurrency exchanges currently use VIE structures (“structures of varying interest”) to avoid risks. This means that the company registered abroad is separated from the local, which is legally a subsidiary operating in China.

Such a company is not actually engaged in the main business but controls the business and finances of the local operating enterprise on the basis of an agreement.

Xuewen noted that the regulator is aware of this phenomenon and once again warned that if companies sell cryptocurrencies or attract Chinese citizens to invest in them, this will be regarded as a crime.

“China does not allow cross-border operations with cryptocurrencies. No institution can sell cryptocurrencies to the Chinese or ensure the exchange of cryptocurrencies to the Chinese yuan. We will closely monitor and deal with the like, ”said Xuewen.

He also expressed his belief that in the near future no cryptocurrency exchange will be able to obtain a license to work in China.

Recall, according to the PeckShield report, the outflow of capital from China through cryptocurrencies amounted to $ 11.4 billion over the past year.

Beijing authorities: only People’s Bank of China can issue digital currency



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