RATE Group | Forex Reforms Will ‘Deal With Cryptocurrency,’ Says Chinese Government
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Forex Reforms Will ‘Deal With Cryptocurrency,’ Says Chinese Government

24 Dec Forex Reforms Will ‘Deal With Cryptocurrency,’ Says Chinese Government

Posted at 12:57h in Cryptocurrency News by

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China has hinted that its treatment of cryptocurrencies such as Bitcoin (BTC) may change again as it looks to reform its forex markets.

As Reuters reported on Dec. 24 citing a senior government official, a new research initiative will accompany the expansion of Beijing’s blockchain cross-border financing pilot platform.

China looks to control a new situation in forex

The platform, launched in March this year, is currently running as a pilot scheme in 19 provinces.

“We will gradually expand the scope of the pilot and the application scenarios of blockchain technology in cross-border financing and macro prudential management,” said Lu Lei, deputy head of the State Administration of Foreign Exchange. Lu added:

“At the same time, (the government) will push forward a prospective study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.”

Blockchain-not-Bitcoin…

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