China Looking to Incorporate Regulations for Forex

[hellenjones260]

China's deputy head of the State Administration of Foreign Exchange (SAFE), Lu Lei during a forum in Beijing announced that they are ready to expand the Blockchain Pilot program to study foreign exchange regulations, reported Reuters. The plan is to integrate emerging fintech businesses with foreign exchanges to capture the evolving market.
China recently made its plan clear for accelerated adoption of blockchain technology, however, the crackdown on crypto service providers just weeks after the announcement confused the world on China's stance towards cryptocurrency. Right after the President's call for becoming the world leaders in blockchain technology, the state propaganda machinery bombarded the public with numerous articles praising blockchain technology.

[Senin]

I do not see any contradictions in the actions of the Chinese government in relation to cryptocurrency. China has always been positive about blockchain technology and over the past few years has been one of the leaders in the number of patents issued with the introduction of blockchain technology. After the recent approval of this technology by the country's president, interest in both blockchain technology and cryptocurrency as a whole has grown. After that, the Chinese government was forced to come out with an explanation that it was not necessary to confuse blockchain technology and cryptocurrency, and also urged business structures not to use cryptocurrency in their activities. The Chinese government is kind to blockchain technology, however, at the same time, it continues to have a negative attitude towards decentralized cryptocurrency.