Chinese Government Says Forex Reforms Will Deal With Cryptocurrencies
Chinese Government Says Forex Reforms Will Deal With Cryptocurrencies
December 25, 2019
Chinese Government Says Forex Reforms Will Deal With Cryptocurrencies
Chinese Government Says Forex Reforms Will Deal With Cryptocurrencies
December 25, 2019

The Chinese Government has said that its treatment of cryptocurrencies such as Bitcoin (BTC) may change again as it looks to reform its Forex markets.

On December 24, it has been reported by Reuters that a new research initiative will accompany the expansion of Beijing’s blockchain cross-border financing pilot platform.

However, the platform, which launched in March this year, is currently running as a pilot scheme in 19 provinces.

Lu Lei, the Deputy Head of the State Administration of Foreign Exchange, said:

“We will gradually expand the scope of the pilot and the application scenarios of blockchain technology in cross-border financing and macro prudential management.”

Lu added:

“At the same time, (the government) will push forward a prospective study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.”

It has been analyzed that the comments are conspicuous, coming as China prepares to launch its central bank digital currency, which the central bank stressed will not have the characteristics of Bitcoin.

Similarly, Mu Changchun, the Deputy Director of the People’s Bank of China (PBoC), commented:

“The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”

Thus, in the meantime, authorities remain committed to the propagation and expansion of use cases, among the most recent of which is using the technology for bond issuance.

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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.