Meetings held twice a year in Chinese legislative institutions and advisory boards were held in the days we passed. At the meeting it was proposed to establish a national crypto money exchange and develop regulatory systems.
Wang Pengjie is a member of the Chinese Political Consulting Conference (CPPCC). Pengjie pointed out that a crypto money processing platform could be established under state control, while the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) proposed a blockchain and a digital asset management “approval system”.
Noting that the total market value of crypto-money such as BTC, ETH and LTC left behind the market value of China’s largest Internet company Tencent, Pengjie officials urged them to do more work on blockchain-based technologies.
Pengjie continued to address the potential problems of BlockChain. First, the lack of independent intellectual property rights is not a good thing for the long term in terms of financial security in the country, indicating that the legal status of Penjie crypto money is uncertain. It suggests that wolf swindlers wearing ‘blockchain’ pants due to legal uncertainty and the ignorance of citizens may lead to massive economic losses.
According to Pengjie, the solution of all these problems is through the introduction of the “confirmation system”, the integration of the real name system certification, and the training of investor blockchain and virtual money. Peng The crypto money exchange that the PBOC and CSRC will regulate is also called ” an official channel through which individual investors can increase their profits “.
On the other hand, China is seeking to completely ban crypto money exchanges. First, the ban brought to the domestic it was decided to be implemented in foreign stock markets .