Xi Jinping: China must play an active role in the international regulation of digital currencies
China should take the lead in shaping the international regulatory framework for digital currencies, President Xi Jinping said. His speech, entitled “Problems of Medium and Long-Term Strategies in Society and Economy,” was quoted by the Xinhua News Agency.
Xi noted that China has successfully adapted to the new economic realities amid the coronavirus pandemic: “Our country's online economy has played an active role in containing this epidemic. Online offices, online shopping, online education, and online medicine have flourished and have been deeply integrated with the offline economy. "
Recently, Vice Premier of the State Council of the People's Republic of China Liu He announced the need to accelerate the development of new technologies, including blockchain. He referred to an earlier statement by the head of state when he set the corresponding priorities.
Now, Xi said, it is important not to stop development: "We need to take advantage of the momentum and accelerate the digitalization of various areas, including our economy, society, and government, as well as take the lead in creating an international regulatory framework for digital currencies and digital taxation."
This week, Chinese tech company Huawei announced the launch of its new smartphone with a built-in hardware wallet to store the digital yuan.
Bank of Canada Governor Tiff Macklem also recently said that the emergence of national digital currencies in individual countries will require a coordinated international approach to prevent their abuse.
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Xi noted that China has successfully adapted to the new economic realities amid the coronavirus pandemic: “Our country's online economy has played an active role in containing this epidemic. Online offices, online shopping, online education, and online medicine have flourished and have been deeply integrated with the offline economy. "
Recently, Vice Premier of the State Council of the People's Republic of China Liu He announced the need to accelerate the development of new technologies, including blockchain. He referred to an earlier statement by the head of state when he set the corresponding priorities.
Now, Xi said, it is important not to stop development: "We need to take advantage of the momentum and accelerate the digitalization of various areas, including our economy, society, and government, as well as take the lead in creating an international regulatory framework for digital currencies and digital taxation."
This week, Chinese tech company Huawei announced the launch of its new smartphone with a built-in hardware wallet to store the digital yuan.
Bank of Canada Governor Tiff Macklem also recently said that the emergence of national digital currencies in individual countries will require a coordinated international approach to prevent their abuse.
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