March 5, 20182min1471

Chinese Officials Propose National Crypto Trading Platform

Wang Pengjie member of China’s top political advisory board has proposed the creation of a national cryptocurrency exchange and other regulatory systems at one of the two annual sessions of China’s top legislative and advisory bodies.

Proposition comes after a recent string of crypto bans from China, from blocking foreign exchanges to the September 2017 ban of Initial Coin Offerings (ICOs).
“As of early January 2018, the total market capitalization of blockchain digital assets such as Bitcoin, Ethereum and Litecoin has surpassed Tencent, China’s largest Internet company as a reason for China to pay attention to Blockchain-based technologies.
He also mentioned South Korea’s crypto regulations and the fact that the US Nasdaq is considering trading in Bitcoin futures.
His concerns are that consumers generally do not have enough knowledge of the blockchain digital assets and cannot accurately know the pros and cons of the blockchain assets and are easily fraudulent by unscrupulous elements dressed in ‘blockchain’ garments, causing serious economic losses. ”


Wang Pengjie proposed to carry out the blockchain digital asset management project “approval system”, the implementation of personal blockchain account “real name system” certification, and do a good job blockchain digital asset investor education work.

“We must also explore the establishment of a blockchain digital asset trading platform at the national level.”

Wang Pengjie suggested that after sound domestic laws and regulations, under the unified cooperation of the central bank and the CSRC, establish a regulated, highly efficient and clean block Chain digital asset trading platform for corporate fund-raising and investor assets to provide formal channels of value-added.

This clearly shows that countries are competing for dominance in crypto space and blockchain technologies and importance of involvement in this space.


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