1. Aiwaka AdventuresHome
  2. Metaverse Matters

When will digital currency be legislated in China

• Metaverse Matters • 83 views

When will digital currency be legislated in China

When will digital currency be legislated? The Chinese legal community has always believed that when will digital currency be legislated? If regulations are to be implemented on the issuance and trading of ICOs and virtual currencies, they must be implemented under the guidance of the People’s Bank of China and the Securities Regulatory Commission. However, China’s regulatory attitude towards digital currencies is very cautious. Currently, there have been some administrative regulations on digital currencies, but there are no clear standards or specific rules to regulate relevant behaviors and development; In addition, some countries are considering incorporating ICO into their existing systems to address the risks and potential impacts of ICO, therefore requiring governments to adopt a more cautious attitude towards it

When will China’s digital currency be legislated. Therefore, China’s position on ICO (Initial CoinOffering) laws and regulations has not changed. On November 24, 2019, the People’s Bank of China and seven other ministries and commissions officially announced the “Notice on Conducting Pilot Work of Blockchain Technology Application” (NDRC Run [2020] No. 12). Since 2017, they have actively promoted the cleaning and rectification of internet platforms and related business activities, providing strong reference for the continuous exploration of regulatory work in the future

However, for Digital renminbi, there is still a lack of effective supporting policies. Because from the current system, its development is still in its early stages and may face some major challenges in the future, including security risks and compliance issues; And whether, as a major participant in the international payment and settlement network, it has the ability to conduct transactions to cope with the impact of the global COVID-19 epidemic.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/08/06/when-will-digital-currency-be-legislated-in-china/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/06/2023 16:42
Next 08/06/2023 17:04

Recommended articles