China Will change its stance against crypto coins?
Chinese legislative bodies continue to be repressive in the Blockchain and crypto money regulations.
In the past, China had displayed a firm stance against the crypto coins. Crypto money exchanges were banned, crypto money was difficult to buy and sell, ICOs were blocked. In China, a new Blockchain arrangement has recently started to be discussed and it has become clear that its regulatory views have not changed.
Chinese Blockchain Laws
The Blockchain laws to be issued to “eliminate anonymity” indicate that China still does not want to leave control. If the Blockchain sector is to be regulated, it will probably be subject to a more stringent regulation. According to China-based news channel Securities Daily, some Chinese officials are planning to tighten laws this year.
Shi Guili, vice president of the National Peoples’s Congress (NPC) in the Chinese legislature, said it was very important to organize digital assets. Guili made a proposal to the NPC this year, which includes evaluating and describing Bitcoin and similar crypto coins as non-actual money. At the same time, Guili said that the crypto coins were different from fiat currencies, and that the stock exchanges would make their efforts in this direction. In addition, Guili did not enjoy fiat-backed crypto coins and said that stable coins could disrupt the balance of fiat currencies.
Regulations in China
Gong Fuwen, a member of one of the legal advisory bodies supporting Guili’s efforts to form an regulatory framework, suggested that the digital currencies of central banks should not be coined and crippled. Fuwen stated that it would be useful to evaluate the crypto coins as private securities if they are used for the ICO.
Overall, the Chinese regulators seem to be making strict inspections. Chinese regulators still cannot forget the impact of the ICO boom in 2017. Therefore, we can foresee that China still does not come close to crypto coins and that more bans and measures will be introduced soon.