People's Bank of China to develop own cryptocurrency

Yao Qian, head of the Digital Currency Research Department at the People's Bank of China says that PBOC needs to issue own cryptocurrency
07 November 2017   2733

The head of the Digital Currency Research Department at the People's Bank of China, Yao Qian, said that the financial regulator should issue its own cryptocurrency as soon as possible, which would serve as legal tender. It is reported by the South China Morning Post.

According to the expert, such a step will reduce transaction costs and develop the sphere of financial services in remote areas of the country. In addition, the national cryptocurrency will increase the effectiveness of the monetary policy of the People's Bank.

The development of digital economy needs central bank-issued electronic currency more than ever. It’s crucial to speed up the research and issuance.
 

Yao Qian

Head, Digital Currency Research Department at the People's Bank of China

This news looks interesting on the background of China's ICO and cryptoexchanges ban.

 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   383

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.