China has been on the brink of multiple technological and financial innovations over the last few years. As the power of the Red Dragon increases globally, it continues to carve its name into all the upcoming sectors around us.
The world of finance has received a great deal of focus from China, with the country improving its industries across the spectrum. China has stepped into the nascent blockchain and cryptocurrency countries as the Bank of China targets to launch its own CBDC soon.
Just recently, the Chairman of China banking and insurance regulator Guo Shuqing spoke at a forum where he made the country’s stance clear on a digital ecosystem. He had said:
“China will continue to support the development of financial technology and pay great attention to risks from cybersecurity, data privacy and monopoly. The government will arrange a forward-looking regulatory framework on financial technologies and bodies.”
China’s deep dive into the cryptocurrency realm has been going on for some time as the state has thought about advancing from every fringe of the industry. This also means that the country allows the growth of cryptocurrency organizations on their own soil. Even after the seeming openness of the Chinese business market, the government has done everything in its power to show that no one is above the law.
One of the most recent examples was the Chinese cryptocurrency exchange OKEx had to shut down because its founder had been arrested. Xu Mingxing, the founder of OKEX, was arrested a week ago with links to money laundering and other OTC fraud. The exchange has been brought in because of some reports connected to the upper echelons of the company. Officials from within the organzation had stated that scrutiny had been tightened recently. All of this was part and parcel of China’s “zero tolerance” policy on corruption, and laws that treat everyone equally.