Crypto market falls into disarray with announced project in Chongqing (China)

Posted 15 June, 2018

The Economy and Information Committee in Chongqing (China) has recently released on its website the list of measures for the promotion of the blockchain in the region, including blockchain ecosystem and digital exchange platform.

At the same time, this message confused the market. Specifically, the market believed that this a Beijing-backed initiative to set up a crypto exchange. For reference, earlier China's regulator banned cryptos and ICO in the country. 

However, as reported Coindesk, yesterday the agency republished the statement on the website with new wording for the exchange – blockchain digital asset exchange. 

"The reason, as suggested by local reports, being that the central government ordered the suspension of the project as it could conflict with the existing ban on cryptocurrency trading and initial coin offerings (ICOs)," the report reads. 

Specifically, one of the officials stated that digital assets should not be put in line with the ICO and tokens. As a result, such platform will help to exchange non-standard assets digitalized via blockchain and would be open to the public. According to the Banking Regulatory Committee, the mentioned non-standard assets cover securities, like L/C, credit loans, etc, and they will be exchanged among the institutions without trading on stock exchanges.

For reference, some Chinese commercial banks launched tests of blockchain system for transfers of L/C.

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18 June, 2018 11:57

← UK company unveils e-bike project for crypto mining

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15 June, 2018 15:54

SEC not consider Ethereum and Bitcoin as securities →

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SEC not consider Ethereum and Bitcoin as securities
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