Former Vice President of the banking and insurance regulatory Commission, Chen Weigang, told what measures the Chinese government will take to strengthen control over digital assets, and what will help the country become a world leader
The Chinese government's supervision of cryptocurrency transactions will become increasingly strict, said Chen Weigang, former Vice President of the Chinese banking and insurance regulatory Commission. According to him, commercial banks are likely to lose the ability to provide channels for transactions in digital assets.
The official added that cryptocurrency trading and ICO should be completely banned, and control over this area should be carried out by all departments in a coordinated manner. The development of the Finance industry cannot be linked to speculation in digital coins, Chen Weigang explained.
"I believe cryptocurrency speculation and ICOS are not a direction of financial development and should be strongly prohibited," Chen Weigang said.
He noted that the release of the digital yuan for China is an important strategic step. Weigan is confident that this will help China become a world leader, at least in terms of technology.
On February 26, it became known that China postponed the development of its cryptocurrency due to the coronavirus. Government organizations involved in creating the digital yuan have been quarantined.
Holding an ICO in China has been banned since September 2017. The Central Bank declared illegal operations of initial placement of cryptocurrencies and pledged to close the platforms that provide the relevant services.