[CRYPTOCURRENCIES] Digital Asset Exchange Confusion

 

 "Blockchain digital asset exchange" -- The municipal government of Chongqing city, China   

Thursday – 14 June 

The Economy and Information Committee published five measures the city will take to advance blockchain tech in the area. Building a new blockchain ecosystem is what the notice said it will focus on, which most notably included "establishing a blockchain digital asset exchange." With that being said, the effort was initially anticipated by the Chinese crypto community as being a government-backed cryptocurrency exchange, and was then circulated as such among local media and on social networking.   Later that day, the notice was deleted from the agency's website. The reason being that the central government ordered the suspension of the project as it could conflict with the existing ban on cryptocurrency trading and initial coin offerings.   

Friday – 15 June 

A local news source cited that the digital assets may not be the same as ICO tokens or cryptocurrency, based on information from the government. Instead, the blockchain digital asset exchange seems to be a platform that facilitates exchanges of "non-standard assets" that are digitalized through blockchain technology. One of the disadvantage is that it will not be open to the public. According to China's Banking Regulatory Committee, non-standard assets refers to securities that can take the form of letters of credit, credit loans, they may be exchanged among institutions, but are not tradable on a secondary stock exchange.   

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