Xi Jinping: "China should participate in the development of global regulation of cryptoassets"

Chairman of the People's Republic of China Xi Jinping (Xi Jinping) stated, that China must actively participate in the creation of an international regulatory framework for digital currencies.

According to the released 31 October by the application of the Chairman of the PRC called "Problems of national medium and long-term socio-economic strategies", China must take part in global initiatives to develop cryptocurrency regulation. Xi Jinping noted:

“We need to take advantage of the situation and accelerate the digitalization of various areas, Including our economy, Society and the Government, as well as actively participate in the creation of an international regulatory framework for digital currencies and taxation of these assets ".

The application was made a few days after, How the People’s Bank of China proposed amendments to the law on banking to legalize a digital yuan and a ban on the release of tokens, tied to Chinese yuan.

Many countries and international organizations began work on the global legal framework for the regulatory of cryptocurrencies and the prevention of regulatory arbitration. In early October, the US Department of Justice published a report on the risks of the cryptocurrency industry and strategies for its regulation in the country.

Some countries also conduct their own research in this area. Recently, Peru regulators have begun the development of rules for cryptocurrencies, And Malaysia has released an updated guide to regulate digital assets.