Tag: PBOC

An arbitration body in China has ruled that despite the country’s central bank’s ban on cryptocurrency trading, bitcoin should still be legally protected as a property with economic values, Shenzhen Court announced on their official WeChat account on October 25, 2018. Chinese Court Confirms Bitcoin Protected by Law The Shenzhen Court of International Arbitration published a case analysis on October…

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On March 19, 2018, The National People’s Congress of China confirmed that economist Yi Gang would be the next governor of People’s Bank of China (PBoC). Mr. Yi Gang, who obtained his Ph.D. in Economics from the University of Illinois, is due to replace the current governor Zhou Xiaochuan as the head of China’s central bank. According to local media…

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On February 9, Huobi and OKCoin, two of the largest bitcoin exchanges in China, officially suspended withdrawals for both bitcoin and Litecoin users in compliance with the demand of the People’s Bank of China (PBoC). In late January, PBoC asked Huobi and OKCoin to overhaul their Anti-Money Laundering (AML) and Know Your Customer (KYC) systems to remain on par with…

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China continues to enforce regulations on Bitcoin. The large exchanges suspend withdrawals of bitcoin and litecoin while implementing anti-money laundering rules, which is announced to need at least a month of time. Also, the central bank meets the other exchanges and gives orders. For several weeks the Chinese central bank, the PBOC, starts to regulate Bitcoin exchanges. After it consulted…

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While Nasdaq successfully tested e-voting on the blockchain, China’s central bank and financial sector are eyeing the blockchain to leapfrog the rest of the world with this technology. The first trial of a blockchain-based system was announced by the PBOC as they hope to capture the ‘first-mover advantage’ with regards to a national digital currency. Also, a digital currency research…

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The PBOC announced January 27 the completion of a successful trial run for a project regarding a digital bank acceptance exchange, making it the first central bank to come within grasp of testing its digital currency, or digital bill, and putting forward a real application for the blockchain. The trial was completed on December 15, with the purpose of the…

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Zhou Xiaochuan, the governor of the People’s Bank of China (PBOC), has been in charge of the monetary policy of the nation’s central bank since 2002. For nearly a decade and half, Zhou has successfully pushed China’s financial system reform forward, calling for the renminbi, or the Chinese yuan, to become an international reserve currency. The efforts of Zhou and…

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