The Chinese government prohibits the use of virtual currency including bitcoin for use in transactions in the country. However, trading of virtual currencies under the two main exchanges, Huobi and OKCoin, even growing.
In January last year officials from the People's Bank of China (PPoB) together with officials of related institutions came to his office to discuss the possibility of money laundering through the trading of virtual currency.
Actually they just want to know about the big picture of crypto currency trading in China. For example what kind of bitcoin works, from secured money purchase bitcoin originated, where the money goes and how the owner can win or lose money.
PPoB party, continued Zhu, also asked for information on trading volumes and the number of users in Huobi.
conducted by the Chinese government is actually an attempt to obtain data to create a regulatory framework of the virtual currency industry. According to him, it does not need to worry about by the virtual currency exchange manager.
But in September, PPoB announced it prohibits the issuance of initial coin offerings (ICO) and closed a number of sales of crypto currency.
But in November, the crypto currency trading in Huobi went up 5 percent. In fact, today, the crypto currency trading market like Huobi continues to grow and find new ways to grow its business.
Regardless of government issued policy, we will try to follow it. Bitcoin trend can not be dammed and in the near future China will withdraw the rules of banning crypto currency trading.
Currently, there are two big exchanges for virtual currency trading namely Huobi and OKCoin with its platform, Huobi Pro and OKEx which are included in the top 10 crypto currency exchange based on world trade volume.
Currently Huobi continues to add its staff to 400 people since the PPoB ban in September, signaling the strong commitment of Huobi after the tightening of the industry.
Huobi even continues to open branch offices in Hong Kong, Singapore, North Korea and in the United States (US).
Currently Huobi with Huobi Pro platform has 3 million users and less than half of them are users from China. So, whatever the regulator's decision, the business is still running.
Indonesia also reported that Bank Indonesia (BI) disclose the discourse of the central bank digital currency (central bank digital currency / CBDC) for domestic payment system is still under study.
Currently, it is still conducting an initial assessment. This review needs to be conducted on all aspects, including whether the legal aspects are contradictory in the Currency (UU) Act.
No trial or publishing plan yet. Let's see the implications. If later published, the monetary system, finance, and payment system (payment system) how.
Digital currency issuance plan is not due to the use of virtual vurrency such as bitcoin which is currently rife. These two things are completely different.
So this is not because of virtual currency. Central bank wants to make digital currency, but the instrument is different. There is no up and down like virtual currency.
Central banks of other countries in the world are also doing research in this field and no one has applied. If you look at the studies and views of the Central Bank of other countries, the issuance of digital currency will increase efficiency and effectiveness. The reason, BI does not need to continue to publish physical rupiah money, but can distribute money in digital form.
So no need to print money, there is legal tender that is legal certainty, and not fluctuating up and down like virtual currency (virtual currency like bitcoin).
The study itself is expected to be completed within the next two years. The new Central Bank will decide whether to issue or not the rupiah digital currency after the review is completed.
BI will try to finish two years for research. Hope it gets faster. But do not know the complexity will be like what. Must be studied first law, its law, IT infrastructure it. Not from the operational side until if really worn and how to use it.
