- China is abolishing the China Banking and Insurance Regulatory Commission (CBIRC).
- All its responsibilities will go to its replacement.
- A new watchdog will be set up to regulate securities and cryptos in the country.
China makes a bold move by announcing a plan for a governmental overhaul. This sudden plan comes with the introduction of a new national financial regulator. The country has been known to go back and forth with crypto-related matters. It seems now it is taking a more direct approach.
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In detail, the current banking and insurance watchdog, the China Banking and Insurance Regulatory Commission (CBIRC), will be abolished and replaced by a new administration that will also assume certain functions of the central bank and securities regulator.
According to sources, the new financial regulator is expected to strengthen institutional supervision and function as a watchdog over behaviors. The plan for institutional reform is set to be voted on by the legislature on March 10.
While the announcement did not mention any specific reforms for the crypto industry, it follows a call for reforms for party and state institutions in China. The country has been developing its own central bank digital currency for a while now.
Specifically, the Digital Yuan has been making headlines for the past couple of years. To push its adoption within the country, China has been giving Digital Yuan to its citizens in a step by step plan. The latest of this plan had the citizens receive the digital currency as ‘Hong Bao’ for the Lunar New Year.
China also set up a National Blockchain Technology Innovation Center to accelerate the industry’s growth through blockchain technology. No doubt, the country is taking continued interest in the crypto and blockchain industry. Just last month, China made it clear that it supports Hong Kong’s proposal to become a crypto hub.
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