{"id":67539,"date":"2023-12-22T14:21:59","date_gmt":"2023-12-22T18:21:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=67539"},"modified":"2023-12-22T14:22:02","modified_gmt":"2023-12-22T18:22:02","slug":"pboc-urges-for-worldwide-regulation-of-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/pboc-urges-for-worldwide-regulation-of-crypto\/","title":{"rendered":"PBoC Urges for Worldwide Regulation of Crypto"},"content":{"rendered":"\n

In its most recent financial stability report, the People's Bank of China <\/a>(PBoC) addresses decentralized finance (DeFi) and cryptocurrency regulation concerns and advocates for a global endeavor to establish comprehensive crypto regulations.<\/p>\n\n\n\n

\"PBoC
PBoC Urges for Worldwide Regulation of Crypto<\/figcaption><\/figure>\n\n\n\n

In its recent financial stability report, the Chinese central bank allocated an exclusive segment to cryptocurrency assets, emphasizing the imperative for international collaboration in regulating this sector. <\/p>\n\n\n\n

The report, released on December 22nd, states that the cryptocurrency market occupies 1% of the global financial system<\/a>, and its relationship with conventional finance is restricted.<\/p>\n\n\n\n

In its most recent financial stability report, the PBoC, according to local industry journalist Colin Wu, has devoted a distinct section to crypto assets for the first time. <\/p>\n\n\n\n

To prevent regulatory arbitrage, the central bank urged governments worldwide to adopt the “same business, same risks, same supervision” approach in its report.<\/p>\n\n\n\n

The report outlined several potential hazards associated with regulatory arbitrage in cryptocurrencies, including cyber attack vulnerabilities, market manipulation concerns, and issues about DeFi government mechanisms. <\/p>\n\n\n\n

Citing the collapse of the Terra ecosystem<\/a> and the FTX exchange in 2022, the PBoC emphasized the critical nature of addressing regulatory fragmentation and eradicating supervision arbitrage.<\/p>\n\n\n\n

China's recommendation that the international community jointly regulate the cryptocurrency sector comes just a few years after the mainland Chinese government imposed a significant prohibition on cryptocurrencies.<\/p>\n\n\n\n

The People's Bank of China (PBoC) formally declared strategies to combat the adoption of cryptocurrencies in mainland China in 2021, advocating for enhanced interdepartmental collaboration to suppress crypto-related operations within the nation further. <\/p>\n\n\n\n

China's mainland has continued to be a significant center for cryptocurrency mining despite the ban that prohibited virtually all cryptocurrency transactions and mining.<\/p>\n\n\n\n

Certain industry leaders, including Yat Siu, co-founder of Animoca\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, believe that the swift adoption of cryptocurrencies in Hong Kong may indicate significant developments in regulating cryptocurrencies in mainland China. Other local executives, however, believe that China's crypto-friendly actions in Hong Kong are unrelated to its crypto-friendly stance.<\/p>\n","protected":false},"excerpt":{"rendered":"

In its most recent financial stability report, the People’s Bank of China (PBoC) addresses decentralized finance (DeFi) and cryptocurrency regulation concerns and advocates for a global endeavor to establish comprehensive crypto regulations. In its recent financial stability report, the Chinese central bank allocated an exclusive segment to cryptocurrency assets, emphasizing the imperative for international collaboration […]<\/p>\n","protected":false},"author":1,"featured_media":54278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7819,376,1534],"class_list":["post-67539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-regulation-2","tag-cryptocurrencies","tag-peoples-bank-of-chinas-pboc"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/image-12.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/67539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=67539"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/67539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54278"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=67539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=67539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=67539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}