China announces plans for new national financial regulator

The Chinese authorities has plans for a governmental overhaul, according to a caller announcement. This includes introducing a caller nationalist fiscal regulator.

On Tuesday, March 7, the authorities announced that its existent banking and security watchdog, the China Banking and Insurance Regulatory Commission (CBIRC), volition beryllium abolished.

The responsibilities which antecedently belonged to this committee volition beryllium moved to a marque caller administration, arsenic volition peculiar functions of the cardinal slope and securities regulator. The legislature volition ballot connected a program for organization betterment connected Friday, March 10.

When successful place, the caller fiscal regulator volition "strengthen organization supervision, supervision of behaviors and supervision of functions,” according to the plan.

Currently, the fiscal manufacture successful China is nether the supervision of the People's Bank of China (PBOC), the aforementioned CBIRC and the China Securities Regulatory Commission (CSRC).

This announcement follows a telephone for reforms for enactment and authorities institutions successful China from the country’s president Xi Jinping. These reforms volition besides see a bureau for sharing and processing information resources, which volition partially regenerate the duties of the existent Office of the Central Cyberspace Affairs Commission.

Related: Over 1,400 Chinese firms operating successful blockchain industry, nationalist whitepaper shows

Although the Chinese authorities announced caller plans for its fiscal sector, determination was nary circumstantial notation of reforms for the crypto industry. However, astatine the opening of February, an ex-advisor to the PBOC called upon regulators successful Beijing to reconsider its harsh prohibition connected crypto.

In 2021, China banned astir each crypto transactions. Nonetheless, the authorities has been spending millions developing its ain cardinal slope integer currency (CBDC), the integer yuan.

One of the astir recent updates connected the integer yuan improvement was that the integer currency got caller astute declaration functionality, on with caller usage cases, including buying securities and offline payments.

On Feb. 8, China announced a caller state-supported institution, the National Blockchain Technology Innovation Center, to velocity up the country’s manufacture via blockchain technology.