Bank of China to See Crypto as Risk to Yuan

PBoC said cryptocurrencies will be one of its top priorities this year, in an effort to protect the national currency
29 March 2018   373

The People's Bank of China said that working with crypto-currencies is one of the priorities of the department for the current year as part of its policy to protect the national currency.

The People's Bank of China held a conference this Thursday, which discussed the development of the country's monetary system.

Although the vice-governor of the PBoC, Fan Yifei, positively comments on the bank's success in researching and developing its own digital currency, at the same time he calls crypto-currencies one of the three biggest risks to the integrity of the yuan.

To implement its policy in this area, the PBoC intends to strengthen the regulatory requirements for representatives of the cryptocurrency industry both inside and outside the country.

Although Yafei did not name specific measures that his department is going to undertake, the corresponding decision fits into the broader program of China to combat financial products that could shake the country's financial stability.

It agrees with the comments of the previous head of the PBoC, Zhou Xiaochuan, who in early March criticized the market speculation using the crypto-currency and the risks they bear for China.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   140

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.
 

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.
 

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.