China Weighs in On Banning Cryptocurrency Turnover
Main page News, Banking, China, European Central Bank, CBDC, Crypto Market, Regulations, Cryptocurrency
Hot topic
Oct. 23, 2020

The People's Bank of China (PBoC) is about to ban cryptocurrencies, issued by "any individual or entity."

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

According to the recently published amendments to the bill on the "Law of the People's Republic of China," the issuance of digital tokens to replace renminbi (the official currency of China) is prohibited for any"individual or entity."

China's central bank also highlighted that the renminbi (RMB) includes both "physical and digital form." The regulator wants to hear public feedback until November 23.

China Aims to Change Monetary Sovereignty with CBDC

Earlier in October, the Chinese authorities organized a random distribution of digital yuans as part of the public testing. Shenzhen's government distributed 10 million digital yuan to 50,000 residents of the Luohu district.

The winners who received 200 RMBs (approximately $30) spent the digital currency at 3,389 merchants.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error