On December 27, 2019 several government agencies from the Chinese government released a joint statements reminding users about the illegality of cryptocurrency usage in China. Rules previously implemented in 2017 had banned all businesses from using cryptocurrency in anyway, specifically banning initial coin offerings, and any digital financial activity.
The organizations issuing the statement include the Beijing Local Financial Supervision and Administration Bureau, the Business Management Department of the People’s Bank of China, the Beijing Securities Regulatory Bureau, and the Beijing Banking and Insurance Regulatory Bureau according to Asia Times. While the government bans cryptocurrencies, they are steadily working on implementing their own digital currency, in project called the Digital Currency Electronic Payment, or DCEP. The People’s Bank of China is currently working on the project set to launch in early 2020 with the digital currency pegged 1:1 to the Chinese National Currency the yuan.
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