China Securities Journal: Stricter Supervision Should Be Enforced for Bitcoin
[ChainDD report] November 25 (ChainDD) The China Securities Journal published a commentary on November 23, stating that Chinese regulatory authorities should enforce stricter supervision on private digital currency transactions such as Bitcoin and related businesses, in order to protect the interests of investors, prevent financial violations and maintain financial stability.
Besides, Chinese regulatory agencies also need to accelerate the developing process of FIAT digital currency, actively formulate and modify FIAT digital currency prototype plans, explore and study DE/CP and promote FIAT digitalization process.
At the same time, it should be noted that currency digitization has accelerated the speed of financial asset conversion and currency circulation. It will lead to enhance financial asset price volatility and relevance, aggravate financial procyclicality and financial risk contagion. Therefore, the financial supervision must be further improved.