Cryptocurrencies have had a rocky history when it comes to their relationship with the Chinese authorities. Following the banning of all ICOs late last year, the government then proceeded to ban trading and block all traffic to crypto related websites.
However, recently some officials stated that cryptocurrency trading ‘would probably resume at some point’, offering Chinese investors hope that bans will be lifted and trading will resume some point in the future. Now, during an annual session of China’s top regulatory and political advisory bodies, a member of the board has put forward suggestions on how this could work.
Wang Pengjie, а member of the Chinese People’s Political Consultative Conference (CPPCC), proposed the creation of an approval system for cryptocurrencies, as well as creating a national digital asset trading platform regulated by Chinese authorities. The end goal of this being to permit Chinese investors to accumulate wealth from the blockchain boom.
“Thus we can provide a formal channel for companies to raise funds and for individual investors to achieve capital appreciation.”