Chinese authorities to create special zone to study crypto

Posted 19 August, 2019

The Central Committee of the Communist Party of China and the Council of State have given permission to study digital currencies and mobile payments in the territory of the special economic zone of Shenzhen. As noted, the city should create a pilot demonstration zone, taking into account the characteristics of Chinese socialism.

''Scope of Shenzhen Special Economic Zone to include digital currency research.'' — Matthew Graham twitted.

These reports quickly spread throughout the Chinese media and in the local cryptocurrency community, but foreign observers cited the difficulty of correctly interpreting government decrees. In addition, digital money is only one of many objects of study in special economic zones.

At the moment, it is not entirely clear what kind of digital money is mentioned, since the official position of Beijing in relation to cryptocurrencies has always been tough. In the country, neither ICOs and airdrops nor the activities of cryptocurrency exchanges are considered outlaw in the country. According to court decisions, the Chinese can own and exchange bitcoins, since they have property characteristics..

The softening of China’s initially tough stance regarding bitcoin became noticeable after the trade conflict between the US and China worsened. At some point, China even called cryptocurrencies a “safe haven” against the backdrop of an unstable situation in the global economic space.

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