No Virtual Currency Exchange License To Be Issued Within China, Says Beijing Financial Watchdog


Sunday , January 12th 2020

HUO Xuewen, chief of Beijing’s Municipal Bureau of Finance, stated that the Bureau has “zero tolerance” for the issuance of tokens. According to him, the virtual currency cannot be used as the legal digital currency and only the People’s Bank of China has the right to launch legal digital currencies.
Regarding whether virtual currency exchange licenses will be issued in China in the future, HUO gave a negative answer, stressing that China does not allow any cross-border virtual currency transactions.

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