Surprising absolutely no one, a former Communist Part of China executive said that the State should have a monopoly on digital currencies.
The Coin Telegraph reports that Chen Weigang, former Vice President of China Insurance Regulatory Commission of the Communist Party, told Yiben blockchain media that he believes ICOs and cryptocurrency trading should be completely banned in the future.
Chen said that China’s central bank digital currency (CBDC) is “an important strategic plan for the Chinese RMB to gain an upper hand in international economic development.” ICOs and cryptocurrency trading, on the other hand, “is not the direction of financial development and must be resolutely banned.”
Chen noted that cracking down on ICO and crypto scams would need a concerted effort by all of China’s regulators, from the banking and insurance commissions to the internet and cultural authorities. As such, he believes that banks and payments firms should not be allowed to provide avenues for digital currency transactions to take place.
That said, he said that private transaction could still take place. They just wont be “mainstream.”
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