China is about to broaden the scope of its blockchain pilot in cross-border financing, Reuters reported Tuesday, citing a government official. Besides, China might reform the foreign exchange regulation to deal with cryptocurrency.

Gov’t to Adjust Forex Regulation for Cryptos

Lu Lei, deputy head of China’s State Administration of Foreign Exchange (SAFE), said at a forum in Beijing that the government pondered adjusting the forex regulation in the context of cryptocurrencies. The official stated:

(The government) will push forward a prospective study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.

Traditionally, China has been tough on cryptocurrency, after it banned initial coin offerings (ICO) and crypto exchange operations in 2017. However, Xi’s latest comments suggest that the country might consider a u-turn.

Blockchain Gets More Attention in China

China has suddenly turned into a major blockchain supporter…

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