China/US crypto news #1
Recently there was a lot of happening in the China and US, crypto wise, from different policy makers. The Central Bank of China declared it will continue its high pressure on different virtual currency trading. USA on the other hand decided to start its own crackdown on crypto exchanges and Stablecoins.
The news were reported by WuBlockchain and Decrpt.co.
China
PBoC held a meeting where they said the following
Seventh, urge and guide platform enterprises to comprehensively rectify according to regulatory requirements, and maintain a high-pressure situation of virtual currency trading speculation. We will adhere to the same kind of business and similar institutions, ensure that rectification is implemented on time and with quality, maintain business continuity and normal operation of enterprises, and maintain the quality of financial services to the broad masses of the people.
Full statement can be found here.
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4307709/index.html
In general this means they will continue its current policies in place.
The meeting emphasized that the crackdown on crypto in the second half of the year is to "maintain" rather than strengthen, which may imply that there will be no big new policies, but the continuation of current policies. https://t.co/9X2bgOCBym
— Wu Blockchain (@WuBlockchain) July 31, 2021
Decrypt did a great article on this subject
US
Representative Don Beyer (D-VA) introduced legislation to regulate digital assets earlier this week. The legislation, titled the “Digital Asset Market Structure and Investor Protection Act,” aims to protect consumers while simultaneously promoting financial innovation.
More information regarding the bill can be found below
WuBlockchain
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