During the annual meeting of the highest legislative and advisory bodies of China, it was proposed to create in the country a national exchange of digital currencies and other regulatory bodies for the crypto industry. The representative of the People’s Political Council of China, Wang Pengjie, expressed the opinion that the central bank of the country (NSC) and the Securities Regulatory Commission should create a “system of approval” for blocking assets, as well as a national platform for trading them.
In his speech, Panzie mentioned the rapid growth of Bitcoin, Ethereum and Litecoin. He noted that their capitalization exceeded the cost of the largest Chinese Internet provider Tencent. Drawing the attention of the audience to the rapid development of blockchain technologies, Penzie also spoke about the regulation of the crypto industry in South Korea and the recent bitter futures for bitcoins that appeared on the US financial market.
According to him, the lack of regulatory and legal regulation of the crypto industry may in the long run negatively affect China’s financial security. In addition, insufficient knowledge of users of crypto-currencies can lead to the emergence of many fraudulent schemes that masquerade as blockchain projects.