What will happen to the market?

Digital money is banned in the country since September last year. The government is considering options for lifting restrictions and consults on this issue with experts.

The Chinese authorities show interest in cryptocurrencies, but behave very carefully, — told Yury Gugnin, deputy chairman of the expert council under the State Duma on the digital economy and blockchain. He noted that the People’s Bank of China is studying the possibility of legalizing digital money and is holding consultations with experts on this issue.

“Here in China we met a man who heads the working group on legalization of the сryptocurrency in the Central Bank. He also asked to provide information about what format we have, as we see the legal field for cryptocurrency. We gave him everything. He is already calling for their internal activities to adapt this global experience” Gugnin said.

He conducts educational seminars in China on cryptocurrencies and technology of blockchain. According to the official, the local government is not against digital mone. It understands that this is external investment and the entry of companies into the international market, but due to the fact that the Chinese economy is too large, we have to take a wait-and-see attitude.

“Cryptocurrencies is illegal and legal both. It’s in the middle. The only thing that is illegal, you can not conduct stock exchange activities — currency exchange. This is normal. And the second point is that you can not conduct an ICO. Specific activities that are objectively illegal in any country are prohibited” Gugnin added.

Gugnin stressed that the Chinese government is moving towards the legalization of the market. The authorities of the country understand that digital money is impossible to ignore.

In September 2017, China government banned the trade in crypto-currencies and the conduct of ICO. Then the government began blockchain online platforms and mobile applications for working with digital money. Miners are trying to get out of business and limit their energy consumption.

Read more at RBK:

https://www.rbc.ru/crypto/news/5b7175079a79475fe503f8d8