Xinhua backs strict regulations on virtual currency trading

2018-02-12 07:58:15

(MENAFN- Asia Times) , mouthpiece of the China Communist Party, has published an editorial piece calling for the toughening of regulations on the trading of virtual currencies.

According to the existing regulatory policy, any direct transaction of any virtual currencies on any kinds of digital token financing platform is forbidden, nor are the intermediaries who conduct brokered transactions allowed.

However, social media platforms such as WeChat and QQ chat group have become major information sources for underground trading of virtual currencies. Buyers can easily use Alipay to transfer money to purchase virtual currency from peer to peer.

Yang Dong, director of the China Financial Technology and Internet Security Research Centre at the Renmin University, is quoted in the editorial as saying that it is necessary to strengthen monitoring of trading accounts and foreign exchange, to effect deeper penetration of the regulations.

Yang also urges the consideration of setting up a blacklist system, to blacklist operators of trading platforms, irrespective of nationality, limiting their future activities in relevant financial businesses.

Must-reads from across Asia - directly to your inbox Comments

MENAFN1202201801590000ID1096457954

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.