Security token offerings (STO) - essentially initial coin offerings which are backed by tangibles such as a company’s revenues, profits or assets - are now officially banned in China. This emerged after the People’s Bank of China (PBoC) deputy governor, Pan Gongsheng, warned those issuing STOs that they were violating the law. “The STO business that has surfaced recently is still essentially an...
China’s central bank has called on the government to strengthen supervision into ‘speculative’ financing and investments in the blockchain sector. The Research Bureau of the People’s Bank of China, the country’s central bank, published a working paper titled ‘What can a blockchain do and cannot do?’ on Tuesday. An early analysis of the working paper by CCN China can reveal that the central bank’s...
China’s digital currency director said that excessive decentralization is a fatal flaw that spells doom for Bitcoin, Ethereum, and many other public blockchains. Writing in an op-ed published by Chinese-language business news outlet Yicai, Yao Qian -- who leads the People’s Bank of China (PBoC) digital currency research institute -- argued that is impossible to exercise decentralized, informal...
China, a country that has exerted more control over cryptocurrency than most, continues to move forward in its efforts to introduce a government-controlled cryptocurrency. A group of Shanghai reporters recently got a chance to learn about this secretive project during the Global Blockchain Summit Forum, sina.com.cn reported. The visit shed light on the extent of the government’s efforts to create...
The People’s Bank of China (PBoC) has listed cryptocurrencies as one of its chief priorities for the year as it seeks to strengthen the renminbi and ramp up its capital controls. In a statement published March 28, the PBoC -- China’s central bank -- said that intended to “carry out the rectification of various types of virtual currencies” in an attempt to reinforce regulatory policies that it...
While it does not recognize bitcoin as a payment tool, China recognizes that digital currency is inevitable and is in no hurry to regulate cryptocurrencies, according to Zhou Xiaochuan, governor of the country’s central bank, the People’s Bank of China (PBoC). The central bank official gave his views on digital currency during a press conference at the National People’s Congress 2018, according...
China is reportedly aiming to block all websites, both domestic and foreign, related to cryptocurrency trading and initial coin offerings (ICOs) in what could be the country’s final crackdown on the industry. According to a Sunday report by the Financial News, a newspaper run by China’s central bank, authorities are reportedly lining up a number of regulatory measures to further a crackdown on...
China's government dealt the cryptocurrency markets a severe blow on Tuesday, as multiple outlets reported that the central bank officials plan to block residents from accessing foreign cryptocurrency trading exchanges. The news took the wind out of the market's sails, and led by the bitcoin price, every top 100-cryptocurrency lost value against the US dollar. People's Bank of China (PBoC)...