PBOC to clean up various virtual currencies in 2018

Source: Xinhua | 2018-03-30

China’s central bank said it would clean up various sorts of virtual currencies in 2018, its latest effort to step up financial supervision.

Last September, Chinese authorities including the People’s Bank of China ordered a ban on initial coin offerings, in which technology startups issue their own digital coins to investors to access funds, and shut down all virtual currency exchanges in the country.

The tough measures led to a sharp decline in virtual currency transaction volumes in China, according to Financial News, a publication run by the PBOC.

PBOC deputy governor Fan Yifei said the bank will step up reform and innovation and continue to steadily carry forward the central bank’s research and development of digital currency.

To ensure order in the circulation of the yuan, the PBOC will tighten supervision and strengthen quality management and control, according to an online statement released yesterday.