Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
The new system suggests assigning a specific identification code to cities and strives to achieve better data sharing between different parts of China.
China has banned all Security Token Offerings and all activities linked to them. The government wants to regulate the new tokens before legalizing them to eliminate cases of fraud.
The PBoC also said that it will allow for a level playing field for the foreign players to compete with the local players in the highly saturated payments market of China.
Sheng Songcheng doubts if bitcoin can become a means of exchange that could meet modern economic development needs.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
China’s central bank on Wednesday announced that it will try to issue digital currencies ‘as soon as possible’ to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.
China’s major virtual-currency exchange BTC China has suspended yuan deposits from the Bank of China, according to a tweet sent from its account.
Chinese bitcoin exchange FXBTC is set to be closed on May 10th due to the growing restrictions from the People’s Bank of China.