"On the other hand, he emphasized his policy to strengthen crackdown on cryptocurrencies," he said on January 11, saying "we will not allow existence." "The only legal digital currency in China has been issued by the People's Bank," he said in a statement reflecting caution that fraud involving cryptocurrencies was on the rise. Shinkyopo reported.

According to reports, many of the virtual currency exchanges originating in China have virtually one organization based in China and abroad, escaping the risk of prosecution. In many cases, the head office is opened abroad and a wholly owned subsidiary is established in China, but in some cases the two companies are not independent and operate in consultation.

Mr Huo said he wouldn't overlook such a pattern, saying, "No matter where the headquarters is, it's out when it gets involved in the sale and trading of virtual currency in China. The virtual currency has no value other than speculation and invests in it. The act of distributing homes destabilizes society. "

Regarding the possibility of introducing a licensing system at the virtual currency exchange, Huo replied, "No."

On the other hand, Mr. Huo expressed his willingness to promote blockchain technology. The company will announce the first project using the "Regulatory Sandbox System" to test FinTech in the week of January 13. He suggested that projects related to blockchain technology were also included.


Shane is an economics and mathematics double major with a keen eye for the financial world. His understanding of the current economic model of different countries is enlightening and he aims to bring that impressive knowledge and experience into his writing. He is currently exploring writing about different genres within the entertainment, business and cryptocurrency sphere and aims to bring diversity in his writing.

Leave a Reply

Your email address will not be published. Required fields are marked *