According to more than 80 patents viewed by the Financial Times the People’s Bank of China has made significant progress...
The National Internet Finance Association of China has been tasked with the job of making the agency but has offered little details so far; the PBoC invited eight leading Internet companies in 2015 to help with this issue but have received eight individual ideas and rejected them all; the issue of sharing proprietary data still plagues the project and the current issues don’t look to be solves soon. Source.
Sizable fintech companies should face the same regulator scrutiny as banks according to China’s Central Bank; this follows what the PBOC said in August, that internet finance companies should be included in the Macro Prudential Assessment framework which was designed for banks; having banks and fintech companies operate under the same rules could streamline regulation. Source.
The People's Bank of China (PBOC) had meetings with various bitcoin exchanges this week including BTCC, OKCoin and Huobi; along with the meetings two press releases were issued; according to a translation from Coindesk, the document reads, "Bitcoin is not a currency and shouldn't be viewed as such. Those who invest in bitcoin should accordingly be aware of the risks it poses and protect their investment"; officials also reminded exchanges about complying with local state laws and other regulations. Source
The People’s Bank of China has recently launched a trial version of their digital currency which they hope will reduce...
The People's Bank of China (PBoC) requires all third-party payment institutions to channel transactions through a newly established central clearing platform called Nets Union Clearing Corp. (Wanglian); the trial operations started in April and will be put to formal use on July 1, 2018; by that time, all third-party payment firms (including Alipay and TenPay), will not be able to conduct transactions, such as bank transfers, outside of regulator's supervision. Source
Last week the Securities and Exchange Commission (“SEC”) released a report on the Initial Coin Offering (“ICO”) of the Decentralized...
Mobile payments in China have taken off in recent years as Ant Financial and Tencent dominate the market; in recent...
Bitcoin Exchanges Try to Lure High-Speed Traders like Virtu and Citadel Zopa to boost regulatory clout ahead of Brexit PBoC...
CoinDesk reports that Sheng Songcheng, counselor to the PBoC and an adjunct professor of economics and finance at the China Europe International Business School, explained that the Chinese government was right to move ahead with the ban; “In my opinion, these actions are largely aimed at averting risk and protecting investors’ interests while also being an opportunity to further regulate trading of virtual currencies,” as Songcheng writes in Caixin. Source.