China is among those countries that have not sided with cryptocurrencies despite the fact that the world’s largest Bitcoin mining operation is commenced down there. Not concerned with this, China’s central bank is reportedly working on developing new regulatory policies around cryptocurrencies in their entirety. Speaking in the Boao Forum for Asia, the deputy governor of the Chinese central bank, Li Bo, spoke with the people about how they are working on new regulations around cryptocurrencies in China. Like many other nations, China is also wondering what kind of regulatory policies should be worked on for such a section of the investment market.
According to Chinese blogger Colin Wu, the main idea behind the cryptocurrencies such as Bitcoin was that these could be used as an alternative investment vehicle rather than the local or fiat currencies. So, until the Central bank of China figures out the new regulations they will impose on cryptocurrencies, the current framework of the regulatory policies will remain in effect. Li Bo also shared some notable pieces of information that caution will be exercised so that there would be no financial risk of any known significance to this specific section of the market while crafting such regulations.
New Regulations will Cover all Cryptocurrencies
The privately put-out stablecoins should be subjected to even more rigorous regulations if they are to catch up to the standards of the people to be used as reliable transaction vehicles. The very fact that cryptocurrency is going to play a major role in the development and initiation of a new and improved financial world, Bo added that this more of a reason as to why cryptocurrencies such as Bitcoin should be closely knitted into the real economy, which is kind of not the motive or purpose for the existence of cryptocurrencies as these are all about decentralization and having no centralized operations that can be controlled or even recorded in any sense of the way.
The new regulations surrounding cryptocurrencies are in the works, and nothing can be said when these will be ready or implemented, but as soon as these are profoundly tested, they will be implemented right away.