Chinese Regulators Recalled of the Ban on the Digital Currencies Use

China Securities Regulatory Commission (CSRC) called on the Beijing authorities to take measures to prevent the use of cryptocurrencies by the population of the state. The official website of the country's main financial regulator posted the announcement, listing the risks of cryptocurrency reintegration in China, on December 27th, 2019, including:

  • Mortgages in digital coins
  • Loans with zero interest rates and
  • other violations of the People's Bank of China

To avoid them, CSRC experts warned the public and called on local authorities to fight the illegal circulation of cryptocurrencies in China. Recall, neither individuals nor legal entities can perform any operations with digital currencies in the Middle Kingdom lately. The Chinese authorities want to ban all external cryptocurrencies and present their own, which will be completely controlled by the state.