A senior executive at China’s internet finance body has urged Chinese regulators to create a tougher framework of regulations to support the development of digital currencies amid Beijing’s crackdown on trading on virtual tender such as bitcoin.
The internet finance body on Wednesday urged its members to abide by Chinese laws not deal in cryptocurrencies.
The state-backed association was set up by the central bank and has members such as banks, brokerages, funds and consumer finance companies.
News source credit: http://www.reuters.com/article/us-bitcoin-china/china-internet-finance-body-suggests-framework-for-virtual-currencies-idUSKCN1BQ07P
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