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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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Economics

Thailand’s economic growth expected to return to 2019 levels in mid-2023

Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.

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The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

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Banking

S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

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Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

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