China Considers Outright Ban on Private Crypto Issuance

  • China begins public consultations to ban the issuance and circulation of private cryptocurrencies

  • Physical and digital yuan remains the only legal tender

  • Terms of discussion of amendments to the bill on the People’s Bank of China not set

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Chinese authorities initiate public consultations on proposed amendments to the law on the activities of the People’s Bank of China

The Central Bank of China has issued a public consultation decree on the approval of amendments to the law on the activities of the regulator. According to Article 22 of the Law on the People’s Bank of China, “no legal entity or individual can produce or sell tokens, coupons and digital tokens to replace the RMB in circulation in the market.”.

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China is considering an outright ban ...

So far, the proposed amendments have not come into force, and the Central Bank itself is calling for public consultations in order to “improve the financial situation” in the country. Also, the proposed amendments mention the digital yuan The Chinese financial regulator has been working on creating a digital asset for several years.

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During this time, a large number of … More appeared on the network, which, according to the Central Bank, will remain the only legitimate currency along with a physical banknote.

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The desire of the Chinese regulator to remove competitors from the economic field is due to the intention to soon launch the digital national currency, which has already become one of the reasons for the global digitalization of economies. BeInCrypto previously reported that residents of the Chinese city of Shenzhen spent 8.8 million digital yuan won as a result of the city lottery as part of the limited testing of the digital currency..

China is considering an outright ban ...

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It is noteworthy that plans to ban the circulation of cryptocurrencies correlate with claims of secret financing of decentralized finance (DeFi) by the Chinese authorities. According to James Gillinge, co-founder of Finxflo liquidity aggregator, China could take the path of creating its own DeFi ecosystemDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to open, efficient and … wish the top leadership of the Celestial Empire.

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