Chinese Communist Party Exec Wants State Monopoly on Digital Currency

Chen Weigang, former Vice President of China Insurance Regulatory Commission of the Communist Party, sat down with Yiben blockchain media on Feb 27 to talk about ICO regulations and digital currency trading in China. He told the media that a central bank digital currency (CBDC) is an important strategic plan for the Chinese RMB to gain an upper hand in international economic development.

During the interview, Chen was asked to comment on the ongoing ICO Ponzi schemes in China. Chen believed that ICOs and cryptocurrency trading needed to be banned completely in the future. He added that:

“I always believe that speculation in cryptocurrency and ICO is not the direction of financial development and must be resolutely banned.”

One of the main difficulties in regulating such pyramid schemes is there is no clear supervision division in the current regulatory framework. Chen thinks that in order to crack down on the ICO scams and cryptocurrency speculations, all regulators including…