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Xinhua backs strict regulations on virtual currency trading

Xinhua News Agency, mouthpiece of the China Communist Party, has published an editorial piece calling for the toughening of regulations on the trading of virtual currencies.

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According to the existing regulatory policy, any direct transaction of any virtual currencies on any kinds of digital token financing platform is forbidden, nor are the intermediaries who conduct brokered transactions allowed.

However, social media platforms such as WeChat and QQ chat group have become major information sources for underground trading of virtual currencies. Buyers can easily use Alipay to transfer money to purchase virtual currency from peer to peer.

Yang Dong, director of the China Financial Technology and Internet Security Research Centre at the Renmin University, is quoted in the editorial as saying that it is necessary to strengthen monitoring of trading accounts and foreign exchange, to effect deeper penetration of the regulations.

Yang also urges the consideration of setting up a blacklist system, to blacklist operators of trading platforms, irrespective of nationality, limiting their future activities in relevant financial businesses.

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Banking

Thai central bank steps in to curb baht price’s surge

The baht has risen about 5.6 percent against the US dollar this year, becoming Asia’s best performing currency, putting more pressure on Thailand’s export-driven economy at a time when global demand is cooling

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The Bank of Thailand is taking measures to control short-term capital inflows, while continuing to relax restrictions on outflows to cope with the strong baht, according to minutes of a policy meeting last month.

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SCB cuts GDP growth forecast to 3.1%

The EIC has revised downwards its Thai economic expectations in 2019 to 3.1 percent from 3.3 percent, largely as a result of the trade war between the United States and China

National News Bureau of Thailand

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SCB cuts GDP growth forecast to 3.1%

Bangkok, (NNT) – Government investment remains the main factor in steering the economy as the trade war between the United States and China has affected exports, tourism and investment.

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Political uncertainty takes toll on Thai growth

The country’s growth rate is projected to fall from 4.1 percent in 2018 to 3.5 percent in 2019, according to the World Bank’s Thailand Economic Monitor, released today.

Olivier Languepin

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According to the World Bank’s Thailand Economic Monitor (July edition), risk to the economic outlook in Thailand are primarily domestic.

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