The People’s Bank of China has come to decisions about the ongoing crypto crackdown in the nation during the second half of 2021. In a conference yesterday, a consensus was reached to “maintain” high pressure on digital currency trading in China, by encouraging and enabling trade and exchange platforms to adhere to regulatory requirements and rectify their operations for the same.
In the second half of the year, the central bank of China presumably does not intend to make any hard and fast policy changes to further the crackdown on cryptocurrencies. Rather, the conference has indicated surveillance of the formerly imposed regulations.
Chinese Journalist, Colin Wu tweeted that the meeting highlights imply there will be no new policies, however, it means the continuation of current policies.
The meeting emphasized that the crackdown on crypto in the second half of the year is to "maintain" rather than strengthen, which may imply that there will be no big new policies, but the continuation of current policies. https://t.co/9X2bgOCBym
— Wu Blockchain (@WuBlockchain) July 31, 2021
CBDC goals over Crypto in China
The meeting highlighted China’s goals around crypto crackdown and CBDC development, i.e., the digital RMB. One of China’s top priorities is to enter the international arena by working on foreign currency cooperation and the development of the offshore RMB market.
As part of the global expansion, the central bank also intends to expand its cross-border trade and investment pilots by including more regions in the project. Furthermore, the bank aims to boost reform of foreign debt registration and management, which would include the growth and modification of management policies for domestic bond issuance by foreign organizations.
Internationalize RMB through CBDC
China’s gravitation towards internationalizing their CBDC is unsurprising, as the nation has been promoting Digital Renminbi (e-CNY) as the pathway towards making RMB the world’s third-largest currency in terms of trade, settlements, and international reserves.
Putting the CBDCs through vigorous pilot projects and expanding into cross-border e-commerce before putting the digital currency to test during the 2022 Winter Olympics in Beijing.
“According to IMI research, the RMB International Index (RII), an indicator of the internationalization level of the Chinese currency created by the institute in 2010, rose to 5.02 by the end of last year from 0.02 a decade ago.”, reported state media China.org.
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