The People’s Bank of China has appointed a Bitcoin skeptic as doubts persist over the future of cryptocurrencies in the country. Thailand SEC has issued new regulations aimed at improving investor protection in the digital asset market.
Awaiting Bitcoin’s corpse, Gongsheng has been appointed to China’s PBOC!
A recent jolt at the People’s Bank of China (PBOC) has dampened hopes that the ban China has placed on digital asset trading since September 2021 may be relaxed. Speculation arose because Beijing supported Hong Kong’s bid to become a crypto hub. But the appointment of Pan Gongsheng, a prominent Communist Party official, as the PBOC’s top official, signaled a commitment to policy continuity, Bloomberg reported.
We know Pan Gongsheng from a statement he made in 2017 about the eventual collapse of Bitcoin. His previous historical statements regarding crypto, including this one, have resurfaced with his new designation. “If you sit by the river and watch, one day Bitcoin’s corpse will float before you,” he said at an event in 2017.
China’s PBOC sends mixed signals for cryptocurrency
However, the PBOC did not comment on Pan’s current views on cryptocurrencies or the future of China’s digital asset ban. Last year, China Economic Daily, the voice of the Chinese Communist Party, hinted at stricter regulations regarding ‘digital collections’ or NFTs.
Experts, including Bloomberg economist David Qu, argue that Pan’s appointment underlines the PBOC’s unwavering stance towards Bitcoin. Qu emphasizes that PBOC executives have historically not supported Bitcoin and developments in Hong Kong are of little importance as mainland China perceives it as an offshore market.
In addition, senior officials outside the central bank have also expressed their skepticism towards Bitcoin. On the other hand, the government’s focus was on the development of the digital yuan. Last year started with a big breakthrough for the e-CNY, also known as the digital yuan. Accordingly, the beta version of the digital yuan app has been officially launched for iOS and Android in Chinese app stores.
China’s approach to cryptocurrencies
Some envisioned easing of China’s ban based on Hong Kong’s pro-crypto turnaround. Even, cryptocoin.comAs you follow, crypto narratives have emerged in this direction. Because industry figures like Justin Sun and Changpeng Zhao faced challenges in the United States. Experts note a shift towards more crypto-friendly jurisdictions globally. But they caution against waiting for an immediate relaxation of the ban in mainland China. Beijing’s concerns over money laundering, environmental impact, and capital outflows have led to pressure on crypto. In May, CZ positively shared that China Central Television is broadcasting crypto.
Ban on use of client crypto assets from Thailand SEC
Thailand’s Securities and Exchange Commission (SEC) has issued new regulations aimed at improving investor protection in the digital asset market. These rules specifically target digital asset service providers. It also allows them to disclose the risks associated with cryptocurrency trading. In this context, it prohibits them from providing deposit-taking and lending services that pose a risk to investors.
At its 12th meeting on September 25, the SEC approved the requirement for digital asset exchanges, cryptocurrency brokers and traders to provide clear risk warnings to clients. Warnings should clearly state the high risks involved in cryptocurrency trading and the possibility of losing the entire investment. Service providers were also required to assess the appropriateness of investments. In addition, they now need to establish appropriate asset allocation plans. Customers must accept and acknowledge these risks before using any service.
In addition, the SEC has banned digital asset businesses from offering deposit taking and lending services, except in certain circumstances specified in the regulations. Effective from 30 August, these regulations include the following key points:
- Prohibition of using digital asset deposits for lending or investment purposes, including to distribute returns to depositors.
- Prohibition of promising returns on deposits of digital assets based on investments or other means, unless specified by the SEC.
- Prohibition of advertising or soliciting individuals for deposit collection and lending services by service providers or other entities.
These measures aim to prevent unauthorized digital asset businesses from exploiting investors’ trust and funds. It also aims to promote greater integrity and stability in the industry. Thailand SEC has taken important steps to strengthen investor protection in the digital asset sector. It aims to promote transparency, integrity and trust in the market by enforcing clear risk disclosure requirements and prohibiting risky services.
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