In recent Chinese cryptocurrency news: a prominent scholar has advocated that China adopt a permissive regulatory apparatus, drawing influence from Japanese and U.S. legislation. Research conducted by the International Monetary Institute at Renmin University of China has estimated that the number of Chinese bitcoin investors exceeds 3 million, and an audio recording of famed bitcoin millionaire, Li Xiaolai, giving a scathing appraisal of several leading altcoins has been leaked.
Also Read: Huobi Launches in Australia Offering 10 AUD Pairs
Chinese Scholar Advocates Permissive Regulatory Framework
The vice president of the Internet Finance Law Research Institute of the Beijing Law Society and professor of finance at the China University of Political Science and Law, Hu Jiye, recently advocated that China develop a permissive, western-styled regulatory apparatus pertaining to cryptocurrencies.
During a recent interview with Chinese media outlet, Dayqkl, Mr. Jiye praised the regulatory efforts of Thailand and the United States, and described Japan’s current legislative apparatus as the most advanced globally.
Of recent Thai regulations, Mr. Jiye stated “In my opinion, the Thai government is taking a rather proactive approach towards regulating the field of cryptocurrencies. Relevant legislation reflects the combination of prudential supervision and innovative promotion. If a digital currency tends to be used in an indirect financing market, it is more likely to be defined as a currency; and if a digital currency is more used in the direct financing market, its securities attributes are stronger.” Mr. Jiye also expressed reverence for the Japanese regulatory regime for activities related to virtual currencies, describing such as the most advanced globally.
Ultimately, Mr. Jiye advocated that China’s regulatory institutions adopt a permissive regulatory apparatus drawing upon the achievements of the aforementioned jurisdictions, proposing the development of unified regulations developed by China’s central bank,
