Chinese crypto currency news: A well-known intellectual has advocated that China adopt a tolerant regulatory equipment, drawing influence from Japanese and U.S. legislation. Research conducted by the International Monetary Institute at Renmin University of China has estimated that the number of Chinese bit coin investors exceeds 3 million, and an audio video recording of famed bitcoin millionaire, Li Xiaolai, giving a sarcastic appraisal of several leading altcoins has been leaked.
Chinese Scholar activists tolerant Regulatory Framework
The vice president of the Internet Finance Law Research Institute of the Beijing Law Society and professor of finance at the China University of Political Science and Law, Hu Jiye, recently believes that China develop a lenient, western-styled regulatory apparatus pertaining to cryptocurrencies.
During a recent interview with Chinese media outlet, Dayqkl, Mr. Jiye congratulate the regulatory efforts of Thailand and the United States, and described Japan’s current legislative apparatus as the most advanced globally.
Of recent Thai regulations, Mr. Jiye stated “In my opinion, the Thai government is taking a rather proactive approach towards regulating the field of cryptocurrencies. Relevant legislation reflects the combination of prudential supervision and innovative promotion. If a digital currency tends to be used in an indirect financing market, it is more likely to be defined as a currency; and if a digital currency is more used in the direct financing market, its securities attributes are stronger.” Mr. Jiye also expressed reverence for the Japanese regulatory regime for activities related to virtual currencies, describing such as the most advanced globally.
Ultimately, Mr. Jiye advocated that China’s regulatory institutions adopt a permissive regulatory apparatus drawing upon the achievements of the aforementioned jurisdictions, proposing the development of unified regulations developed by China’s central bank, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission. “We should gradually build a mature legal system for blockchain finance and digital currency regulation and I believe blockchain finance and digital currency industry have great development potential in China,” he stated.
According to Chinatimes, Li Honghan, a research at the International Monetary Institute of Renmin University of China, recently discussed the current state of cryptocurrency in China whilst speaking at the “New Financial Trends and 2018 Financial Technology Summit” in Beijing.
Despite China’s excessive policies regarding cryptocurrency exchanges and initial coin offerings, Mr. Honghan estimates that more than three million Chinese citizens presently own bitcoin. With China’s current population estimated to be nearly 1.38 billion, Mr. Honghan’s estimates would suggest that 0.2174% of Chinese citizens own bitcoin.