Chinese regulators to use forex reforms for cryptocurrencies
Near the end of October 2019, Chinese president Xi Jinping stated that China should accelerate the development of blockchain technology “as the core for innovation”. The statement may have seemed paradoxical to many as China has had a love/hate relationship with digital assets since the 2017 ban.
Although some directly associate blockchain to Bitcoin, this is not the truth of the matter. Blockchain applications go beyond cryptocurrencies, as the PBOC’s deputy director Mu Changchun explicitly expressed about the digital yuan: “The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies”.
Although not entirely in China’s scope at the moment, digital assets have become highly popular and even seen as a political safe haven by some. Nonetheless, a major hurdle towards global adoption is the lack of regulations, which are to be implemented in 2020 according to the G20.
China’s regulator State Administration of Foreign Exchange (SAFE), is expanding their blockchain cross-border financing pilot program and will study forex reforms for cryptocurrencies as SAFE’s deputy head Lu Lei said: “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”.
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