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China to Protect Yuan From Unofficial Cryptocurrencies

Kristina Frunze | Mar. 30, 2018
China to Protect Yuan From Unofficial Cryptocurrencies

China to protect Yuan from unofficial cryptocurrencies, according to the deputy governor of the PBoC. He has backed the development of a government regulated cryptocurrency, stating the one of the objectives is “…to further intensify reform and innovation, solidly promote the R&D of the central bank’s digital currency”

30 March, AtoZForex The central bank of China will continue to apply stringent measures on digital currencies as part of its strategy for safeguarding and solidifying the national currency the yuan (RMB), according to the official statement on the PBoC’s website.

China to Protect Yuan From Unofficial Cryptocurrencies

During the 2018 national video conference that was related to the achievements and other major matters related to the Chinese monetary system, the deputy governor of the PBoC Fan Yifei has laid out objectives in securing the yuan.

He has backed the development of a government regulated cryptocurrency, stating the one of the objectives is “…to further intensify reform and innovation, solidly promote the R&D of the central bank’s digital currency”. At the same time, he has repeated how important the protection of yuan against the unofficial digital currencies is.

He has been quoted as saying:

“ is to strictly strengthen internal management and external supervision, attach great importance to and effectively strengthen the quality control of RMB... and carry out rectification of various types of virtual currencies.”

Chinese Policies Push traders to Japan and Hong Kong

It is known that Mr. Yifei did not mention any specifics in regards to the idea of policies against cryptocurrencies. Yet, the stance of Fan and PBoC signals the present strict policy of the Chinese authorities on the decentralized forms of payment.

Chinese officials have implemented a series of steps to get a hold of the digital currency trading in the country. The government has added both foreign and domestic digital asset trading platforms to its Great Firewall.

The officials have also banned Initial Coin Offerings (ICOs) and cryptocurrency related websites across the country. Reportedly, China has frozen a number of accounts of cryptocurrency exchanges.

As a result of such actions, many cryptocurrency traders have fled to other digital currency markets, thus increasing demand in Hong Kong and Japan.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.