Central Bank: Gradual legalization! China's new rules on Digital Money have been released

The Chinese People's Bank of China recently issued the Notice on Strengthening Digital Money Supervision, which aims to regulate the digital money market, prevent digital money risks, and protect the legitimate rights and interests of consumers. This article explains this policy.
1. Strengthen the supervision of Digital Currency Trading
In order to ensure the security and legality of digital money transactions, the notice proposes that all localities will continue to strengthen the supervision of digital currency trading platforms, and strictly carry out the review and supervision and inspection of platform access. At the same time, Digital Currency Trading platforms that have not been approved or have not obtained the corresponding qualifications will be banned in accordance with the law. In addition, platforms should improve internal risk control systems and strengthen customer identity authentication and AML measures.
2. Strengthen Digital Money publicity and warning education
The notice proposes that necessary publicity and warning education should be carried out on the digital money market to prevent consumers from suffering economic losses due to blind investment in digital money. Digital money projects with bad behaviors such as fraud and scams and false publicity will be exposed and cracked down on in a timely manner.
3. Strengthen the monitoring, analysis, and risk prevention of Digital Money
In order to better deal with the risks of the digital money market, the notice proposes that a digital money monitoring and analysis mechanism should be established to fully grasp the operation of the digital money market. At the same time, digital money risk prevention and disposal measures should also be formulated to deal with digital money market risk events.
4. Promote the improvement of digital money laws and regulations
long wick candle the problem of deficiencies and deficiencies in the current Digital Money laws and regulations, the notice proposes that the improvement and revision of Digital Money laws and regulations should be actively promoted to effectively protect the legitimate rights and interests of the Digital Money market.

To sum up, the Notice on Strengthening Digital Money Supervision issued by the Chinese People's Bank of China clarifies China's position and measures on digital money supervision, marking the gradual standardization and legalization of China's digital money supervision. It is hoped that while strengthening supervision, technology companies, digital money practitioners and other parties can enhance their awareness of risk prevention and jointly promote the healthy development of the digital money market