China

Cautious China

  The unprovoked rise of cryptocurrencies has pushed the Chinese Government to cautious policymaking in this regard, with the aim of striking a balance between encouraging innovation and preventing rampant conjecture. In China, the primary regulatory body monitoring and policing cryptocurrencies is the central bank, the People’s Bank of China (PBOC). The China Banking and Insurance Regulatory Commission (CBIRC) has stated that only the sovereign cryptocurrency shall be deemed as a legitimate digital currency issued by the PBOC that has a value as a fiat currency and can be used as a medium of exchange but the non sovereign cryptocurrency shall not be regarded as currency but a virtual commodity.  PBOC CIRCULARS In 2013 and 2017, the PBOC circulars emphasized that Bitcoin shall n...Read More

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