Member Of China’s Main Political Advisory Proposes National Crypto Trading Platform

A 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, local news outlet Lie Yun Wang reported on March 3. Wang Pengjie, а member of the Chinese People’s Political Consultative Conference (CPPCC), suggested that the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) should create a Blockchain and digital asset management “approval system,” as well as raised the possibility of establishing a digital asset trading platform at a national level. Pengjie’s remarks come after a recent string of crypto bans from China, from blocking foreign exchanges to the September 2017 ban of Initial Coin Offerings (ICO). Pengjie brought up the rising total market capitalization of digital assets like Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC), noting the fact that their market caps exceeded that of China’s biggest Internet provider Tencent in January 2018 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 as other impetuses.


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