Centralized cryptocurrency trade should be banned to avoid risks, says PBOC official

Updated 2018-01-17 09:51:03

A senior Chinese central banker has said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services, an internal memo from a government meeting seen by Reuters showed.

In the memo outlining details of discussions at a meeting of internet regulators and other policymakers last week, PBOC Vice Governor Pan Gongsheng said the government will continue to apply pressure to the virtual currency trade and prevent the build-up of risks in that market.

National and local authorities should ban venues that provide centralized trading of virtual currencies, of which Bitcoin is the biggest, Pan said. They also need to ban individuals or institutions that provide market-making activities, guarantees or settlement services for centralized trading of the currencies, such as online "wallet" service providers.

Chinese regulators last year banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited Bitcoin mining - but activity in the cryptocurrency and Bitcoin space has continued through alternative channels in China despite the crackdown.

"The financial work conference clearly called for limiting 'innovations' that deviate from the needs of the real economy and escape regulation," Pan said, according to the memo, referring to last week's meeting.

Authorities should also block related domestic and foreign websites, close mobile apps that provide centralized virtual currency trading services to Chinese users and sanction platforms that provide virtual currency payment services, Pan said.

Bloomberg reported on Monday that Chinese authorities plan to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 13 2018 12:13:43

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 13 2018 12:13:43

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 13 2018 12:13:43

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords