China's Central Bank Proposes to Set Up a Crypto Tracking System
Main page Technologies, China, Cryptocurrency, Regulations
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Nov. 26, 2021

Gou Wenjun, director of the Anti-Money Laundering Monitoring and Analysis Center of the People's Bank of China, has proposed creating a crypto transaction tracking system as one of the measures to strengthen regulation, local media have reported. He said:

"As virtual assets pose increasingly serious problems for national currency sovereignty, anti-fraud, anti-money laundering and anti-terrorist financing, international organizations and governments are increasing supervision of virtual assets."

He believes managing the risks associated with cryptocurrencies should be approached in 4 different ways.

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First, Wenjun has proposed clarifying the non-financial attributes of virtual assets and improving regulation. He believes their changes will not stop at "the current versions of cryptocurrencies, NFTs and various elements of the metaverse."

Secondly, he has proposed to strengthen the monitoring and analysis of transactions with virtual assets to understand their essence.

Thirdly, the official considers it necessary to create a system to track crypto transactions and their scenarios. It should include a large-scale address detection system that uses artificial intelligence, machine learning and other technologies to identify the real owners of accounts.

Fourth, Wenjun has recommended expanding cooperation and information sharing with foreign financial intelligence agencies "to form an international joint force to combat virtual asset-related crime."

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