Chinese central bank to speed up monitoring of cryptocurrency trading

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Photo: IC

The People’s Bank of China (PBC), the country’s central bank, said on Friday that the country’s general economic parameters will remain stable, while the bank accelerates surveillance and restrictions on cryptocurrency transactions.

The central bank has seen an increase in cryptocurrency transaction risk, including Bitcoin and Dogecoin transactions, since the start of 2021. Beijing financial market regulators have decided to ban trading of any cryptocurrency in areas under their jurisdiction.

The PBC has called on all platform-based companies to increase risk management measures in line with regulations banning cryptocurrency-related trading and speculation.

The PBC is committed to ensuring the commercialization, legislation and internationalization of the Chinese financial market, in order to protect intellectual property and a fair business environment.

In general, maintaining the stability of financial markets will be the priority of the PBC. Flexible monetary policies will be implemented, which can ensure a balance between general money supply and social financing, and keep the nation’s macro leverage ratio at a fundamentally stable level.

In addition, the PBC will also undertake to reform loan interest rate markets and make the necessary adjustments to ensure lower loan interest rates in order to provide financial support to various sectors including agriculture, small and medium-sized enterprises in the country.

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