China’s crypto exchanges may be violating financial regulations by facilitating peer-to-peer trading inbetween Chinese yuan and cryptocurrencies.
At least that’s according to commentators on China Central Television (CCTV), who, ter a segment that aired on its Financial Channel this week, discussed the volatility of bitcoin and its latest rally above $Ten,000.
Citing a trascendental growth of China’s OTC trading spil one possible reason behind the surge, the program went on to raise concerns about the practice. Spil an illustration, a screen capture of Huobi Professional’s webstek wasgoed shown to viewers that demonstrated the peer-to-peer trading and step-by-step guidance for fresh users.
Yet, te interpreting the statement from the People’s Bankgebouw of China ter September on banning initial coin offerings (ICOs), financial columnist and a TV personality Li Cangyu went so far spil to state the the feature attempts to bypass law enforcement and violates the specific rule whereby the PBoC prohibited any exchange from facilitating the trading inbetween cryptocurrency and fiat currency.
Another correspondent, Wan Zhe, a chief economic from China National Gold Group Corp., a central state-owned company that manages gold mining ter the country, also echoed Li’s opinion.
“Not every peer-to-peer trading is necessarily illegal. But, providing a how-to guide and a middle-man podium to bridge the trade clearly crack the rules without any doubt,” Wan added.
Huobi has yet to react to requests for comments on the accusation.
The broadcast outlet, CCTV, is a state-owned channel and one of the official mouthpieces of the government and the China Communist Party. Albeit the program itself exposed no official statement from the government, it nonetheless produces a extraordinario message and gives insight into how the state media portrays the cryptocurrency among its national audience.
Spil reported previously, following China central canap’s kerkban on ICO and suspension on crypto trading with the Chinese yuan, major exchanges ter the country including Huobi and OKCoin have shifted the business concentrate overseas to their respective peer-to-peer trading platforms – Huobi Professional and OKEx.
Permitting mainland Chinese residents to buy and sell major cryptocurrencies using Chinese Yuan through handelsbank wires, WeChat and Alipay, the two platforms are based out of Hong Kong, a special administrative region outside the mainland China’s jurisdiction.
Elsewhere ter the program, the usual arguments about bitcoin’s high volatility and the benefits of the blockchain technology were also discussed, while the correspondent Wan also made counterfactual claims by telling Amazon now accepts bitcoin spil a payment method.
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