The Shanghai Municipal Tax Service’s explainer became widely circulated on Sunday after some local crypto enthusiasts suggested that authorities are starting to acknowledge the legitimacy of cryptocurrencies.
The central bank digital currency (CBDC), called the e-rupee, has been devised as a digital alternative to physical cash and has been built using distributed-ledger technology.
In recent years, economic sanctions have become an increasingly important U.S. foreign policy tool and the digital asset industry has become a key focus of sanctions regulators and prosecutors.
Regulatory scrutiny of the use and management of cryptocurrency and other digital assets such as utility tokens and non-fungible tokens (NFTs) (collectively, cryptoassets) is rapidly.