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Chinese government can legalize cryptocurrencies


The People’s Bank of the country is studying the possibility of legalizing digital money and is consulting with experts on this issue.
The Chinese authorities show interest in cryptocurrencies, but behave very cautiously, Yury Gugnin, deputy chairman of the expert council under the State Duma of Russia for digital economy and blockchain, who conducts educational seminars on cryptocurrencies and blockchain technology in China.

According to the official, the local government is not against digital money, it understands that this is an external investment and the entry for the companies into the international market, but due to the fact that the Chinese economy is too large, the government has to take a wait-and-see attitude.

“It (cryptocurrency – Ed.) is illegal and legal. It’s in the middle. The only thing that is illegal, you can not conduct exchange activities – currency exchange. This is normal. And the second point is that you can not conduct an ICO. Specific activities that are objectively illegal in any country are prohibited, “the expert added.

Gugnin explained that the Chinese government is moving toward the legalization of the market. The authorities of the country understand that digital money is impossible to ignore anymore.

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