A leading member of the consultative Council of political Affairs of China proposed to create a national cryptocurrency exchange and other systems to regulate this industry at the annual meeting of the legislative and Advisory bodies of the country.
According to van Pantze, the people’s Bank of China and the Commission on regulation of the securities necessary to create the “approval system” of digital assets and platform for trading of such assets at the national level.
He drew attention to the growing courses digital assets such as bitcoin, Ethereum and Litecoin, noting that their total capitalization in January 2018 exceeded the capitalization of the largest Internet service provider Tencent China, the argument in favor of more serious consideration presented in this sector possibilities. Pantse also reminded that cryptocurrencies are regulated in South Korea, and the US futures bitcoin are full of derivative instrument.
At the same time, he acknowledged that the scope of the blockchain carries a number of risks for China. In particular, the lack of proper legal regulation of this sphere and not enough deep knowledge of the investors can lead to the spread of fraudulent schemes and entail serious economic losses.
As one of the solutions to this problem Pantse proposes to create the aforementioned “the approval system” of digital assets and implement a certification system based on real names.
“Thus we will be able to provide an official channel through which companies will attract funding, and individual investors – to increase the capital”, — said Bencze.
Recall that the ICO and cryptocurrency trading was officially banned in China last fall, and since the pressure regulators on this area has intensified.