• Safi Bello

PBOC Lists New Rules for Chinese Bitcoin Exchanges

Bitcoin.com ------ The People’s Bank of China (PBOC) renewed its efforts to regulate bitcoin exchanges this week. Zhou Xuedong, Director of the Bank’s Department of Business Management, which carried out inspections of bitcoin exchanges, outlined some new rules which exchanges must follow. Zhou, who is also a deputy to the NPC (National People’s Congress), the national legislature of the People's Republic of China, reportedly revealed the short and long term plans that the PBOC has for bitcoin exchanges. The Chinese media outlet Sina reported him saying that in the short term, clearly defined rules for bitcoin exchanges are necessary. They must establish risk prevention and mitigation policies, and they must be kept under strict supervision, he continued, adding that: "[The regulators] shall adopt a forgiving attitude, not be prohibitive for the time being, and set an observation period." To learn more click on the picture below to read the article.

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