March 29, 2024

China will create a tracking system for crypto transactions

The Central Bank of China believes that government agencies should strengthen supervision over the illegal circulation of digitalassets.

In China, as part of strengthening the regulation of digitalassets will create a tracking system for cryptocurrency transactions, according to Baijiahao. Gou Wenjun, Director of the Anti-Money Laundering Monitoring and Analysis Center of the People's Bank of China, came up with a corresponding initiative. In his opinion, government agencies need to strengthen supervision over the illegal circulation of digital assets due to the threats that cryptocurrencies create for the yuan.

Wenjun pointed out that the tracking systemcrypto transactions must be developed based on artificial intelligence and other advanced technologies that will allow authorities to identify the senders and recipients of digital assets.

At the end of September, the People's Bank of China introduced a fulla ban on cryptocurrency transactions. The use of digital assets in the country is now tantamount to illegal financial activity. The services that crypto exchanges provide to the residents of China also turned out to be outlawed.

Tough measures against cryptocurrencies have begunintroduced in China at the end of May this year after the call of Vice Premier of the State Council of the People's Republic of China Liu He to tighten regulation of digital assets. Local provincial authorities banned the mining of cryptocurrency, and the crypto business left the country.

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