China Keen on Imposing Stricter Rules for Cryptocurrencies to Protect Yuan

Mar 31, 2018 at 1:35

The People’s Bank of China (PBoC) said that it will continue to apply strict measures on cryptocurrencies as part of its strategy to protect and strengthen Yuan.

In an announcement published in its website, China’s central bank has outlined its agenda for the year, highlighting progress on their digital currency research and development to ensure the integrity of the national currency.

PBoC vice governor, Fan Yifei expressed that the agency will reinforce internal and external regulatory measures to look into different kinds of cryptocurrencies as well as scrutinize related projects that may undermine financial health in China.

While he supported the idea of developing of a government regulated digital currency to intensify reform and innovation in the central bank, he reiterated the importance of protecting the Yuan against unofficial virtual currencies.

“(One objective) is to strictly strengthen internal management and external supervision, attach great importance to and effectively strengthen the quality control of RMB and carry out rectification of various types of virtual currencies,” Fan noted.

It can be recalled that China has taken a series of steps against crypto trading as it included both foreign and domestic digital asset trading platforms to its Great Firewall, banning initial coin offerings and cryptocurrency-related websites aside from freezing bank accounts of cryptocurrency exchanges.

Earlier this month, reports also suggested that the Public Information Network Security Supervision agency under the Ministry of Public Security has been expanding the scope of its internet monitoring to overseas cryptocurrency exchanges that are servicing domestic investors.