While the use of cryptocurrencies continues to gain attention, it is facing resistance from many governments. Banks in different parts of the world have their reservations about the use of cryptocurrencies. Some countries have even banned cryptocurrency-related transactions in commercial banks. This has been going on for several years. Now, there are reports that CITIC bank of China has blocked all cryptocurrency transactions.
Some legislatures believe that cryptocurrency is a threat to any nation’s legal currency status. In other to protect its legal currency status, and prevent money laundering risks, the People’s Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued a “Notice on Preventing Bitcoin Risks” many years ago. The notice claims that Bitcoin has the same status as its legal currency. They also with the not
Why Did Xi Jinping Purge Jack Ma?
Commentary
Jack Ma, now China’s fourth-richest man and the former CEO of Chinese e-commerce giant Alibaba, criticized China’s financial system policies at the Bund Summit 2020 in October. Since then, his enterprises have become the target of Xi Jinping.
At first, the listing plan for Ant Group, an affiliate company of Alibaba, was halted on Nov. 3. On April 10 this year, the Alibaba Group was fined $2.8 billion on the grounds that it violated an antitrust law, and Ma’s elite business school, Hupan University, was forced to halt enrolments.
I don’t think Ma’s troubles are over.
From:ChinaDaily | 2021-04-07 09:40
Expert says tax incentives may boost investment in endowment products
China is expected to adopt new policies to improve the personal insurance system, a former financial regulator said.
Such improvement might come about through tax incentives, to encourage individuals to invest in commercial endowment insurance products, said Zhou Yanli, a former vice-chairman of the China Insurance Regulatory Commission and a member of the 13th National Committee of the Chinese People s Political Consultative Conference.
In a recent interview with China Daily, Zhou said the nation s commercial endowment insurance pilot program, which is supported by preferential taxation and fiscal subsidies, should be expanded. That will be feasible.
Senior Rural Banking Regulator Turns Himself In to Graft Investigators caixinglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from caixinglobal.com Daily Mail and Mail on Sunday newspapers.
SOURCE / ECONOMY By Global Times Published: Mar 05, 2021 01:29 AM
China Banking and Insurance Regulatory Commission File Photo: IC
The China Banking and Insurance Regulatory Commission (CBIRC) has embraced its new leadership team, with its chief risk officer and spokesperson Xiao Yuanqi assuming the new role of vice chairman.
The promotion came simultaneously as two CBIRC deputy chairmen, Huang Hong and Zhu Shuming, reached their retirement age, read a post on Thursday on the WeChat official account of the Financial News, a publication run by the People s Bank of China (PBC), the country s central bank.
The new leadership team at the CBIRC is made by chairman Guo Shuqing, four vice chairmen including Xiao, and Li Xinran, chief of the Party s disciplinary commission under the CBIRC, according to the regulator s website.