China’s biggest state-owned newspaper suggests cryptocurrency regulation

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5 months ago
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A May 30, 2018 leading article on Globaltimes.cn, a website run by China’s communist party newspaper, imply that Chinese government is changing its attitude towards cryptocurrency trading.

A few months ago the People’s Bank of China prohibited cryptocurrency exchanges and ICO websites. However, Zhou Xiaochuan – the governor of the central bank of China – in his speech stated that digital assets are an inevitable step of the economic evolution. According to him, the PBOC is planning to issue its own cryptocurrency despite the announcement about banning accounts linked to trading platforms.

The editorial on Globaltimes.cn, however, might mean that Chinese government is going to lift its ban and engage the market with its regulations. Usually the articles by the People’s Daily newspaper are considered to be semi-official announcements of Chinese authorities.

According to that leading article, the restrictions on blockchain technologies may lead to China’s loss of technological and economical leadership. Nevertheless, the editorial gives credit to the government’s ban policy because cryptocurrencies are regarded as a potential threat to Chinese financial system.