Need to crack down illegal flow of cryptocurrency: Chinese official – Cryptocurrency News

The chief accountant for China's foreign exchange regulator has stated that emerging markets should suppress the illegal cross-border flow of money processed in the cryptocurrencies. Sun Tianqi told a forum that fintech raises the hazards of illicit transactions, and regulators must take action to counter such acts.

Sun Tianqi, the chief accountant for China’s foreign exchange regulator, came into conversation with a forum in Shanghai. The regulator has kept forward his take on the rising illicit transactions being carried out in the face of cryptocurrencies.

The Chinese official, on Monday, stated that evolving markets must crackdown on the illegal flow of money done cross-borders via digital currencies. As per Tianqi, financial technology, or fintech, probably ascends the risks of illicit transactions, and regulators must perform coordinated actions to beat the emergence of such activities on a global level.

Tianqi mentioned that China had shut down more than 2,000 forex trading platforms by the end of September 2019.

Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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