LINE

Text:AAAPrint
Ecns wire

Central bank cautious to digital currency: governor

1
2018-04-12 12:38:04Ecns.cn Editor : Mo Hong'e ECNS App Download

(ECNS) -- Yi Gang, governor of China's central bank, said China has been cautious in regard to digital currency due to some concerns.

At the Boao Forum for Asia in southern China's Hainan Province, Yi said virtual currency contributes just a little to the real economy and stokes speculation and illegal activities like money laundering.[Special coverage]

However, China is actually leading the world when it comes to the study of digital currency, researching the blockchain and financial technology and the role they could play in the service of the real economy, said Yi.

China is aiming to ensure the security of financial technology and trying to avoid potential negative influences while maintaining tight supervision of the industry, according to Yi.

Last September, Chinese authorities including the People's Bank of China (PBOC) ordered a ban on initial coin offerings, in which technology start-ups issue their own digital coins to investors to access funds, and shut down all virtual currency exchanges in the country.

Yi also said the Chinese national online payment clearing platform, NetsUnion Clearing Corp., was established mainly to guarantee fair play and the security of online payments.

All internet-based payment transactions involving bank accounts and accepted by payment institutions will be processed via the platform as of June 30, per the mandate of the People's Bank of China.

Yi said the platform will encourage competition and innovation among mobile payment providers while also working to mitigate risks.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.