People’s Bank of China (PBC), the country’s central bank, stated on Friday that the country’s general economic settings will remain stable, while the bank will accelerate oversight and restrictions on cryptocurrency transaction.
The central bank has seen an upswing in cryptocurrency transaction risk including Bitcoin and Dogecoin transactions since the beginning of 2021. Beijing’s financial market regulators moved to bar the trading of any cryptocurrencies in areas under their jurisdiction.
The PBC has asked all platform-based enterprises to increase risk management measures following regulations to prohibit the trading and speculation relating to cryptocurrencies.
The PBC vowed to ensure Chinese financial market’s marketization, legislation, and internationalization, to protect intellectual property and a fair-trading environment.
In general, maintaining financial market stability will be the priority of the PBC. Flexible currency policies will be implemented, which may ensure a balance of general money supply and the social financing, and maintain the nation’s macro leverage ratio to be basically stable.
In addition, PBC will also move to reform loan interest markets and make due adjustments to ensure loan interests to fall to provide financial support to various sectors including agriculture, small and mid-size enterprises in the country.