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.