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/lp/emerald-publishing/new-developments-on-regulation-of-cryptocurrency-in-china-rJrvJCY0TU
- Publisher
- Emerald Publishing
- Copyright
- © JunZeJun Law Offices
- ISSN
- 1528-5812
- DOI
- 10.1108/joic-11-2020-0045
- Publisher site
- See Article on Publisher Site
Abstract
To describe recent regulatory developments in China on digital renminbi (RMB), initial coin offerings (ICOs), cryptocurrency holdings, cryptocurrency exchanges and blockchain technology.Design/methodology/approachDescribes a digital RMB pilot program, seven government agencies’ bans on ICOs and cryptocurrency exchanges, the legality of holding and trading cryptocurrencies in China and the government’s endorsement of blockchain technology.FindingsNo PRC law or regulation prohibits Chinese investors from holding or trading cryptocurrencies but Bitcoin is defined as a virtual commodity, not a currency. Despite a ban on ICOs and cryptocurrency exchanges, the People’s Bank of China (PBOC) and other government agencies endorse blockchain technology as long as its goal is to service the real economy.Originality/valueExpert guidance from lawyer with experience in foreign investment, cross-border mergers and acquisitions, capital markets, fund formation and venture capital and private equity investments in China.
Journal
Journal of Investment Compliance – Emerald Publishing
Published: Jul 17, 2021
Keywords: Blockchain; Cryptocurrency; Initial coin offering (ICO); Cryptocurrency exchanges; Digital renminbi (RMB); People’s Bank of China (PBOC)