China likely to resume bitcoin trading by licensing Bitcoin Exchanges
age Source:Golegal.com
China banned bitcoin trading last month.It is likely to resume the cryptotrading platform by issuing license to the crypto trading exchanges.It will implement Know Your Customer(KYC) and Anti Money Laundering(AML) in crypto trading platforms.
Earlier this week,Xinhua the state owned news publication in China punlished that the government was worried about the criminal activities undergoing with the help of cryptocurrency and wanted to stop it from spreading at a large scale.
Last month, the Chinese government, the People’s Bank of China (PBoC), and local financial regulators imposed a nationwide ban on cryptocurrency exchanges. As a consequence, the price of bitcoin fell to $3,000 and the cryptocurrency market suffered a major setback.
But, the government’s ban on cryptocurrency exchanges also led to the increasing trading volumes of over-the-counter (OTC) markets and peer-to-peer trading platforms such as LocalBitcoins. For the Chinese government, such trend is a major concerning factor in terms of KYC and AML policies because traders are now able to exchange crypto currencies and trade the Chinese yuan without the control and the involvement of Chinese authorities.
Xinhua said that government is planning of licensing and maintaining record of all the cryptotrading going on all over the country
Government seeing that the ban is not going to produce much fruitfull result is now planning to regulate the cryptotrading and adopt a zero tolerance towards crime going on with the help of cryptocurrency like bitcoin.
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STOPhelpful info.
Nice post....plz some upvote 4 me allso
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STOPBro keep it up
hey bro please upload today 4 post,i have to upvote you..msg me when you uploaded you post and please upvote my four post also.
That would be a wise decision for China