-
Chinese officials argue for cryptocurrency regulations to deal with seized assets.
-
Despite a trading ban, Chinese local governments have been selling crypto assets seized through private companies.
-
While mainland China continues to maintain its cryptocurrency ban, Hong Kong pushes to become the cryptocurrency hub.
Once the main trafficking and mining hub is cryptocurrency, China has long retained its dominance to the United States following a series of preventative regulatory measures, including General ban in 2021.
Now, almost four years later, the Asian economic giant may be considering softening his treatment of cryptocurrencies, but not for the reasons that much would have foreseen.
Don't miss:
According to Reuters correspondChinese law enforcement officers, lawyers and financial industry participants press for some judicial recognition of cryptocurrencies as assets in a potential landmark change to the country's cryptocurrency industry.
The calls come as the country sees an increase in cryptocurrency asset seems from criminal cases. The lack of clear rules on how to treat these seizures is to raise pollution concerns.
So far, Chinese local governments have been selling these cryptocurrencies seized for cash through private companies to land their coffers in the midst of economic slowdown. In particular, the assets are sold for US dollars in foreign markets and converted into yuan by local banks before being transferred to local government accounts that hold public funds.
Trend: Unsurprisingly, Jeff Bezos has over $ 250 million in art – This alternative asset has exceeded the S&P 500 since 1995, achieving average annual earnings of 11.4%. This is how investors every day start.
Using this method, a local technology company, Jiauxiang, has sold over 3 billion yuan, or about $ 41 million, the value of cryptocurrency assets on behalf of three local governments, Xuzhou, Hua'an, and Taizhou, since 2018.
But most officials argue that current methods are inconsistent and opaque, with at least one expert arguing that the sales go against the country's ban on crypto trading. In January seminar On the issue, officers suggested everything from establishing clear guidelines to a strategic reserve As a Trump administrationAnd they could all boost the industry by preparing the way for more adoption.