China is said to be developing most of the projects on private blockchain network with some centralized controlling authority.
The testing phase of a new blockchain trade finance platform established by the People’s Bank of China has been officially launched.
China’s central bank is bragging about the fact that after its ban, it has successfully managed a zero-risk exit for all the previously operated ICO and crypto trading platforms.
China is continuing its way of crypto development. A digital currency research lab set up by the People’s Bank of China has submitted 41 patent applications, which means the world’s second-largest economy is planning a more prominent role in the cryptocurrency ecosystem.
The country’s central bank – The Hong Kong Monetary Authority (HKMA) – sees no sense in having its own digital currency given that already existing infrastructure is quite robust and efficient.
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.
The People’s Bank of China (PBoC) banned initial coin offerings (ICOs) declaring them illegal, and asked all related fundraising activity to be halted immediately.
Following a crackdown on bitcoin exchanges earlier this year, Chinese lawmakers are now considering suspending all virtual currency offerings in the country.
Bitcoin continues its steady growth and moves from an alternative asset to a mainstream payment form for businesses.
Bitcoin price recovers as Chinese authorities and bitcoin industry push for regulatory alliance.