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Tuesday, 19 February 08:04 (GMT -05:00)



Foreign exchange market

China's Central Bank Wants to Legalize Cryptocurrencies


The People's Bank of China is currently seeking expert advice regarding turning cryptocurrencies into legal financial asset and payment means in China. According to some financial experts from China, the Chinese authorities have been showing keen interest in blockchain-based technologies, ICOs, and digital currencies. However, they have been cautious since they don't want the international community to know about it.
 
In reality, they are not against cryptocurrencies since understand that cryptocurrencies mean foreign investments and a way for Chinese companies to access the international market. Still, they are trying to figure out how to do this the safe way without exposing themselves to significant risks.
 
It was due to cautiousness that the Chinese financial regulator banned ICOs in China 12 months ago. The thing is, the financial authorities were afraid of financial pyramids and scams getting out of control. As for cryptocurrencies themselves, they are neither banned, nor legalized in China. They are somewhere in between. However, trading cryptocurrencies is banned in China.
 
These days, it's impossible for international governments to ignore cryptocurrencies anymore. With that being said, China is definitely moving towards legalizing dignital currencies. It's just that they want to take everything into account to avoid unnecessary risks.
 
In the meantime, Bitcoin is trading somewhere between 6400 and 6500 USD/BTC, NordFX experts report. The market bias still seems to be bearish.
 

 

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