The Chinese municipality plans to create a "digital assets exchange on the blockchain"

The Chinese municipality plans to create a “digital assets exchange on the blockchain”


The municipality of the Chinese city of Chongqing is considering the possibility of creating an “exchange of digital assets on the blockchain”, but there is no clarity about what might be hidden under this name. This is written by CoinDesk.

On Thursday, the Economic and Informatization Council, which is part of the Chongqing administration, published a five-point plan that will help promote technology development in the region. In addition to attracting specialists and allocating additional funding, the plan calls for the creation of a blockchain-ecosystem, the most notable element of which is the “exchange of digital assets on the blockchain”.

This name made the Chinese crypto community believe that the government is going to open the official exchange of cryptocurrency, and the news quickly spread in local social networks.

Later the same day, the message was removed from the agency’s website. Local media suggested that this was done at the request of the government, which saw a contradiction between the municipal initiative and the ban imposed last September on the trade in cryptocurrencies.

On the morning of Friday, the same message was again posted on the website of the Chongqing government, including information on “creating a digital asset exchange on the blockchain.” The representative of the administration in response to the request of CoinDesk stated that he can not spread information about the project.

Local media, referring to government sources, say that in this case, digital assets can be understood not as cryptocurrencies or ICO-tokens, but as “non-standard assets”, which are digitized with the help of a blockchain-account. The platform will not be open to the general public, the reports say.

According to the definition of the China Banking Regulatory Committee, non-standard assets are represented by securities that can take the form of letters of credit, loans, etc. Institutions can exchange them among themselves, however they are not allowed before trading on secondary exchanges.

Leave a Comment

Your email address will not be published.

You may also like

Hot News