China’s foreign exchange regulator has warned that emerging markets need to muscle in on cryptocurrency-enabled illegal cross-border capital flows.
Sun Tianqi, the chief accountant of China’s State Administration of Foreign Exchange (SAFE), made the remarks at a forum today in Shanghai.
China has shuttered over 2,000 forex trading platforms
He revealed that the Chinese state had closed over 2,000 forex trading platforms, yet reportedly did not elaborate further.
Back in November, Tianqui had called for Facebook’s Libra to be classed as a foreign currency and integrated into the framework of China’s foreign exchange management. Failing this, the asset should be prohibited, he said.
National blockchain adoption
Local commentators have pointed to the increased tension between nationalized control and long-standing antagonism toward private-sector use of the technology.
By press time, Bitcoin is trading above $9,400 — up over 16% on the week, following a 42% intra-day price hike on Oct. 26 — its swiftest spike since 2011.