Russia discusses establishing a national cryptocurrency exchange! Is the Chinese central bank's cryptocurrency exchange far away?
1. Background of China's cryptocurrency policy
(Central Bank) has always been very clear about its stance on cryptocurrency
1. Strict regulation and prohibition of transactions: In 2017, the Chinese central bank banned the operation of cryptocurrency exchanges and blocked cryptocurrency-related trading activities. This policy aims to guard against financial risks and prevent capital outflows
2. Promoting the digital yuan (DCEP): A different path has been taken in promoting digital currency, developing and promoting the digital yuan (DCEP) issued by the central bank
2. Enlightenment of Russian cryptocurrency exchanges
If Russia successfully establishes a state-led cryptocurrency exchange, it will provide a reference model for other countries
1. Construction of a compliance and regulatory framework: Russia will build a complete legal and regulatory framework while establishing an exchange to ensure the legality and security of cryptocurrency transactions. If this model is successful in Russia, China will draw on a similar framework to consider relaxing regulation of cryptocurrencies at an appropriate time in the future
2. Promotion of international trade: Russia hopes to circumvent international sanctions and promote international trade through cryptocurrency exchanges. When facing similar international pressure, China will consider using cryptocurrencies for international settlement and trade under controlled conditions
3. Is it possible for China to launch a cryptocurrency exchange?
There are several factors that affect
1. Digital RMB can be widely used domestically and internationally. China will consider allowing the existence of cryptocurrency exchanges in a controlled environment in order to better grasp and manage the trends of the cryptocurrency market
2. International pressure and competition: More and more countries are beginning to conduct international trade and financial transactions through compliant cryptocurrency exchanges. China will face certain pressure and need to maintain its position in international competition. Therefore, opening cryptocurrency exchanges may become part of China's financial reform
3. Technology maturity and risk control: If the technology and risk control measures are mature enough, allowing cryptocurrency transactions within a certain range may become a reality
Big Brother has established a crypto exchange, is the Chinese central bank's crypto exchange far away?
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