China proposes to develop a unified regulatory framework for central bank tokens

By Habney | CryptoNewsWorld | 27 Mar 2021

The Chinese authorities want to work with other countries to develop a unified regulatory framework for regulating operations with digital currencies of central banks (CBDC).

The position of the Celestial Empire was indicated by Mu Changchun, who heads the Institute of Digital Currency of the People's Bank. This official last Thursday spoke at a seminar organized by the Bank for International Settlements (BIS) and pointed out the need for joint measures by states to regulate transactions with Central Bank tokens.

He said:

A single system for CBDC should be developed for different jurisdictions and exchanges. The exchange of data must also be synchronized to make it easier for regulators to jointly monitor transactions.

Earlier, the head of the Bank for International Settlements, Augustin Carstens, made a similar appeal.

Only he announced the need to develop a unified legislation for the digital asset market as a whole. That is, in his opinion, it is necessary to regulate not only the CBDC sphere, but also decentralized cryptocurrencies, which are often used by criminal structures.

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