Pboc Official: There Is Requirement For Tough Supervision In Bitcoin Exchanges

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As per a central bank official, the People’s Bank of China should continue to keep an eye on the bitcoin exchanges who work in the domestic market. The Director of Business Administration unit of PBoC Zhou Xuedong promotes the major application of the blacklists against the exchanges who don’t follow the directives of the central bank. He also says that the exploration of the regulating exchanges should be done by the PBoC at the national system and needs the bitcoin exchanges to get some part of licensure.

As per Xuedong reports,” there is a great amount of risk, first one is the danger of customer funds security, the second one is the money laundering’s dangers and the last one is the danger of leveraged transactions.”

On the other part of the talk, the Xuedong reports also link towards an observation period undertaken by the PBoC. At the same time, they also started giving definition about the bottom lines that exchanges required to adhere. He also talks about the serious research that takes place in the tandem with the experimentation of the PBoC with a digital currency issued by a central bank.

These comments have surfaced after the period of two months of the revelation about the officials meeting with the representatives of the bitcoin exchange ecosystem of China. All these meetings result to the end of China’s no fee trading. They are also looking to remove the trading fees in these local markets.

The Xuedong reports the promotion for the continuation of the observation that confirming the plans that states by the PBoC for keeping a close eye. At the same moment, there is a requirement to change the present AML practices in the industry. As per the statements of the PBoC in February, the central bank is looking to consider the close of the non-complaint exchanges in China.

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