Chinese Political Leaders Propose Cryptocurrency Regulation

[Goodcat49]

The subject of cryptocurrency during the two sessions of the National People’s Congress (NPC) in 2019 has augmented considerably. Numerous representatives said that “cryptocurrency illegally sets the currency” and suggested to reinforce their supervision. Several legislative delegates and political leaders call for efficient, clear and strict cryptocurrency regulations.

As the capital market continues to heat up, the trend of “cryptocurrency market”, and the prices of many major virtual money such as Bitcoin, Ethereum, Ripple have also rebounded. However, the cases of illegal violations of cryptos are recurrent in China (Beijing, Hebei, etc.). Numerous local regulators issued cryptocurrency risk warnings, Securities Daily reports.   

Shi Guilu, the representative of the NPC and Chairman of the Board of Directors of Shaanxi Rongmin Holding Group, suggested in the "Proposal on the Construction of Virtual Currency Regulatory System Regulations" that the legal nature of cryptocurrency needs to be precisely and accurately defined.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/chinese-political-leaders/

[frankydoodle01]

I am sure that if the Chinese market and the US market will be able to invest in ICOs regulated or not, it will change how the market will react. A high change of upside in this market. As much as I see, there are individuals that are Chinese and Americans that are still able to invest in ICOs with the use of VPNs or sometimes, they just buy it through exchanges. Regulations are good however it will stop the main essence which is the decentralization.