Cryptocurrency regulation remains a controversial topic in different regions. Many hope to see some sort of solution emerge out of China, and it may be closer than one may think.
Bitcoin and other digital assets have proven very difficult to regulate in many different ways.
China and Bitcoin Regulation
Primarily Chinese officials seem to struggle with this concept, albeit a solution may be in sight.
Right now, the Chinese government is in the process of reforming its foreign exchange markets.
Some sources close to the matter believe that this will help sort any regulatory issues regarding cryptocurrencies.
By launching a new research initiative, the situation can be put to bed once and for all.
This is all part of the country’s renewed push for broader blockchain technology use and adoption.
How foreign exchange markets will be revamped and regulated, remains somewhat uncertain.
Very little details regarding this reformation have been made public to this date.
There is also the rumor of China creating a central bank digital currency.
For now, that CBDC is nothing more than a rumor, even though the reality may be very different.
A reversal of the blanket ban on trading cryptocurrencies in China should not be expected under any circumstances.
More information is expected to become available in the first half of 2020.
Image(s): Shutterstock.com
