Chinese President Xi Jinping stated that the country should support digitization and participate in the Global Regulatory Framework. He also indicated that the country must continue digitizing industries. To support technological progress.
If anything, Xi’s statement came days after China’s central bank published the banking law to legalize the digital yuan. And so, ban any other token pegged to the yuan.
Xi Jinping, and his participation in the Regulatory Framework
In this regard, on October 31, Xi Jinping issued a public statement on China’s long-term economic and social development strategy. In which he indicated that the country must participate in the creation of a Global Regulatory Framework for digital currencies.
In particular, in the statement, entitled “Issues on medium and long-term national economic and social strategies,” Xi said:
“We need to build on the momentum and accelerate the digitization of various fields. Including, our economy, society and government ”.
Furthermore, Xi Jinping added: «As well as participate proactively in the creation of the International Regulatory Framework on digital currency and digital taxes«.
It is true that, in the statement, Xi referred to the inconveniences that the country could face in the coming years due to the Coronavirus. Also, of the changes that must be made to avoid economic losses.
“We should strive to increase technological innovation and import substitution. Basically, focus is the key to achieving high-quality development. ”
Unquestionably, in the statement, President Xi Jinping explained that it is vital for the country to continue developing its digitization models. Mainly, in the various industrial and socio-political sectors.
Furthermore, Xi emphasized that for the success of this strategy, it is important that China proactively participate in the creation of a Global Regulatory Framework. About digital currency and taxes.
China’s long-term economic and social development strategy
According to Xi Jinping, also general secretary of the Central Committee of the Communist Party of China and chairman of the Central Military Commission. The main points of China’s medium and long-term economic and social development strategy would be:
- Make efforts to improve the strategy. In order for the crisis to become opportunities.
- Improve and stabilize the industrial and supply chain.
- Consider the life and health of the people. As the basic goal of urban development.
- Adjust and optimize the structure of entry and exit of science and technology in the country.
As a curious fact, a large number of countries have begun to work on a global legal framework. To regulate cryptocurrencies and prevent regulatory arbitrage. Strengthening what was expressed by Xi Jinping.
Activities related to Stablecoin
- A week ago, the People’s Bank of China (PBOC) made mass arrests. And they shut down online gambling sites for activities related to Stablecoin. 77 suspects were arrested and three gambling websites were shut down.
- In early April, in the city of Zhuhai. A company was found to be involved in criminal online gambling activities. More than 80 people were captured.
- In Guangdong province, it was discovered that someone had opened an online casino.
As a consequence, Xi Jinping emphasized: “It is illegal to open casinos. And participate in online gambling”.
Also in June, the Chinese police froze the bank accounts of OTC merchants. Specifically, for “tainted” crypto transactions.
Evidently Sun Xiaoxiao stated: “For those whose accounts have been frozen. They will have to contact the appropriate law enforcement agency to provide evidence that they are an innocent victim. The time it would take to unfreeze the accounts would also depend on the severity of the case.”.
Finally, would you agree with what Xi Jinping expressed that China should participate in the Global Regulatory Framework? Leave us your opinion in the comment box.
I retire with this phrase from Francisco de Miranda: “The true character of a patriot consists in being obedient to the laws of his country and a useful member of the society to which he belongs”.