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The People’s Bank of China is working on new regulations for digital currencies

Li Bo, the recently appointed deputy governor of the People’s Bank of China, said that digital currencies should play an important role in the future, adding that China was examining the regulatory environment for dealing with digital currencies.

to the the report Speaking at the 2021 BFA Annual General Meeting, Li Bo, Deputy Governor of China, said:

Many countries, including China, are still studying what regulatory environment should be in place for such investment instruments.

It is worth mentioning that this gathering started on April 18 (April 29),

According to Colin Wu, a Chinese blogger and deputy governor of the People’s Bank of China, digital currencies such as bitcoin were to be used as alternative investment tools instead of currencies. Li Bo also said that current policies will remain in place until the People’s Bank of China determines the appropriate regulatory framework for such assets.

He also said it was important to ensure that common digital currency speculation posed no significant financial risk.

The Deputy Governor of the People’s Bank of China pointed out that privately issued stable coins, if considered as payment instruments, should be subject to stricter regulations than bitcoins.

Predicting that digital currencies will play an important role in the future, Li Bo added that they should be largely integrated with the real economy.

Li Bo Bo, a Chinese economist who studied in the United States, was appointed deputy governor of the central bank last week.

China is currently leading the global competition for a national digital currency, and the digital yuan is being tested in Shenzhen, Chengdu and Suzhou.

The deputy governor of China said during the annual meeting that the pilot program would be expanded to more cities. China apparently intends to unveil its national digital currency before the 2022 Winter Olympics in Beijing.


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