The People’s Bank of China (CB) is studying the possibility of legalization of the country’s crypto currency and consults with experts on this issue, the Prime Agency reports referring to the conversation with the deputy chairman of the State Duma’s expert council for digital economy and blockchain- technologies Yuri Gugnin.
“In China, we met a man who heads the working group on legalization of the Crypto-currency in the Central Bank, he also asked us to provide what kind of format we have, how we see the legal field for the crypto currency, we gave it all to him, he already calls on their internal activities to adapt this global experience, “- said Gugnin.
According to him, the Chinese government shows great interest in this issue, but is cautious. “Since they (the Chinese economy) are very large, they need to do everything carefully, they are very expectant, they do not mind, because they understand that this is an investment from abroad, it is the Chinese companies’ entrance to the international market, but they just want to understand how do it neatly, “- said Gugnine.
He noted that at present the Crypto currency in China is actually in an empty legislative space.
“It’s not legal, it’s not illegal, it’s in the middle.” The only thing that is illegal, and I agree with that, is that you can not conduct stock exchange activities-currency exchange. “This is normal.” And the second point is that ICO can not be carried out . just so with people to collect money.It is prohibited specific activities that are objectively illegal in any country, “- explained the expert.
According to him, the Chinese government understands that it is already impossible to ignore the crypto currency, but is thinking how to perfectly balance the risks. “They definitely go in the direction of legalization, they just want to take into account all the subtleties,” added Gugnin.
In September last year, the People’s Bank of China banned ICO due to possible financial risks. The Central Bank of China attributed ICO to the illegal kind of fundraising, which can be associated with financial scams and pyramids.
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