China, the world's second-largest economy, has only recently released a bill that appears to prohibit digital crypto-issuing entities.
This may be the first time in any of the formal laws of China the term 'Crypto' has appeared.
The new draft legal comments cited on Fxstreet make it clear that no person or unit can manufacture or sell tokens on the market to replace CNY in circulation.
According to the draft, which reads, the breach of this law would have significant consequences:
The PBoC will stop such activities for anyone who violates such regulations and forfeit all proceeds from the production and sale of yuan-backed digital tokens and impose a fine that is up to five times the proceeds involved.'
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