China is looking into setting up a digital assets exchange to boost the adoption of digital yuan, the South China Morning Post has learned, citing a blueprint published on the State Council website. According to the document, local "qualified banks" should hurry up with the integration of digital yuan to participate in a pilot. However, no details for the proposed digital assets exchange have been provided.
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Chinese brokers doubt that the new initiative will somehow change Beijing's attitude to the cryptocurrency market. Tom Chan Pak-lam, Chairman of the Institute of Securities Dealers in Hong Kong, says the announcement is "likely to be related to the promotion of usage of the digital yuan. It shows the country’s determination to push the digital currency."
Meanwhile, Anti-Money Laundering Monitoring and Analysis Center of the People's Bank of China proposed creating a cryptocurrency transaction tracking system as one of the measures to strengthen regulation. Chinese authorities also want to expand their 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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