Chinese Government, China Banking and Insurance Regulatory Commission(CBIRC) announced that it will be removed.
The responsibilities of this commission will be transferred to a new administration, such as certain functions of the central bank and securities regulator. legislature March 10 He will vote on his corporate reform plan on Friday. Once the new financial regulator becomes operational, it is planned to strengthen corporate oversight, oversight of behavior and oversight of functions.
Announcement Followed by Xi Jinping’s Call for Reform
Chinesefinancial sector in People’s Bank of China( PBOC), CBIRCAnd China Securities Regulatory CommissionIt is under the control of.
This announcement is the president of the country. Xi Jinping‘of Chinese It followed the call for reform of party and state institutions in . These reforms will also include a unit for the sharing and development of data sources. This unit is available Central Cyber Affairs Commission Officewill take over his duties.
While the Chinese Government has announced its new plans for the financial sector, reforms to the crypto sector have not been specifically mentioned. However, in February, PBOCA former advisor to Beijing has urged regulators in Beijing to review the harsh ban on crypto.
Chinese, 2021 banned almost all crypto transactions in the year. However, the government is spending millions to develop its own central bank digital currency, the digital yuan.
digital yuanOne of the recent updates to the project was the inclusion of new smart contract functionality and new use cases such as purchasing securities and offline payments.
Chinese, February 8a new government-backed institution to accelerate the country’s industry through blockchain technology in National Blockchain Technology Innovation Centerhad announced.
