Bitcoin

A former official says China needs to reform its cryptocurrency laws

Xiao Gang, former chair of the China Securities Regulatory Commission, said the country was facing a shift in the digital economy and needed to adopt the right rules for the rapid growth of the cryptocurrency market.

Xiao spoke in the 19. Pushan Lectures of the China Finance Forum 40 or CF40that took place online on July 7th. At the event, several officials discussed the lessons learned from the 30-year development of the Chinese capital market.

According to local news reports, Xiao said so There was an urgent need to adopt a digital reform:

“The development of the digital capital market faces the problem of organizational change. The most typical, like the switch to cryptocurrencies, are expected to take place in the future. Dealing with such organizational changes is also a problem that we may encounter. “

A former official says China needs to reform its cryptocurrency laws
A former official says China needs to reform its cryptocurrency laws

Xiao He said that the boundaries of some products and services in the digital capital market are blurring, so current laws and regulations cannot follow them. A mistake in trying to protect investors and consumers could lead to serious problems.

More research is needed

Xiao pointed out that there are still some open questions for the development of the digital capital market, including the emergence of monopolies, development paths, decentralization and information disclosure, which still need to be clarified, discussed and investigated.

He advocated the need for maintain some basic principles:

“We must adhere to the principles of openness, inclusion, exchange and justice when developing the digital capital market […] We have to actively introduce new technologies and carefully innovate business models […] Promote data connectivity and create a fair market environment. “

Cointelegraph previously reported that a school of the Chinese Communist Party published a book on cryptocurrencies. China’s new civil code will include cryptocurrencies like Bitcoin as part of people’s legal heritage.

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