Expected: more rules on cryptocurrencies – Winston Wenyan Ma

 

Winston Wenyan Ma

China’s regulators have been focusing already on cryptocurrency, the mining operation. Fintech expert Winston Wenyan Ma warns we can get more regulations from China’s government, especially on trading, he tells in The Street.

The Street:

Last month, the State Council’s Financial Stability and Development Committee said China would crack down on bitcoin mining and trading activities as part of efforts to fend off financial risks.

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.

Winston Ma, adjunct professor at New York University School of Law and author of “The Digital War-How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace,’ said, “China market controls 70% of global hashrate for bitcoins and crypto assets, so its rising regulation simply cannot be ignored by the crypto markets.”

“It seems that China put more focus on the computation power of its national data center network,” he said.

“[And] whereas China’s mining regulation has already made the impact, the market is still waiting for the another shoe to drop relating to crypto trading, as China has also taken steps to restricting crypto-related capital flows in its financial system.”

More on the Street.

Winston Wenyan Ma is a speaker at the China Speakers Bureau. Do you need him at your (online) meeting or conference? Do get in touch or fill in our speakers’ request form.

Are you looking for more experts on managing your China risk? Do check out this list.

China cracks down on mining, trading cryptocurrencies, not on owning them – Winston Ma

 

Winston Wenyan Ma

The cryptocurrency market has been disrupted by interventions by China’s governments, but it certainly does not mean a full-blown ban on digital currencies, says financial analyst Winston Wenyan Ma, former managing director at China Investment Corporation (CIC), adjunct professor at NYU, and investor. The government is still defining the scope of digital currencies, and focuses on minging and trading, and is certainly no banning ownership, he says at Verify.

Verify:

China is testing its own form of digital currency, the Digital RMB. On June 1, the Beijing Regional Financial Supervisory Commission announced that it would provide 40 million digital yuan in the latest currency test. China is reportedly hoping to launch a currency form prior to the 2022 Beijing Winter Olympics.

Winston Ma said VERIFY cryptocurrencies have not yet been clearly defined in China’s legal system. China has banned crypto exchanges and initial coin offerings, but has not banned individuals from owning cryptocurrencies, Ma said. In the May announcement, in addition to reiterating the ban on cryptocurrencies as a whole, a new crackdown on mining operations has begun.

“The latest crackdown is by the State Council’s Financial Stability Commission, led by Deputy Prime Minister Liu He. It is China’s top-level financial regulator and has vowed to crack down on cryptocurrency mining and trading activities. It is expected that new regulations will be issued by each ministry to better define and regulate the mining, holding and trading of citizens’ cryptocurrencies. ”…

Mr. Ma told VERIFY: “In addition to the issue of market volatility, carbon neutrality is also an important consideration. According to a recent survey by Chinese scientists, this Chinese emission is [equal to that in] Czech. It points out that it will exceed the total annual greenhouse gas emissions of some smaller countries such as the Republic and Qatar.”

More at Verify. 

At CNBC Winston Ma discusses the 2021 regulations on cryptocurrencies

Winston Wenyan Ma is a speaker at the China Speakers Bureau. Do you need him at your (online) meeting or conference? Do get in touch or fill in our speakers’ request form.

Are you looking for more fintech experts at the China Speakers Bureau? Do check out this list.