Director of Beijing Financial Bureau: Virtual currency exchange licenses should not be issued in China

The recent high pressure on regulators to crack down on virtual currencies and virtual currency exchanges has sparked heated debate. Huo Xuewen, director of the Beijing Municipal Bureau of Local Financial Supervision and Administration, told reporters in the Beijing News that whether virtual currency supervision does not exist is stricter, it will only be stricter. The Beijing Financial Bureau found "zero tolerance" for currency issuance and found it all together. Virtual currency cannot and cannot be used as legal digital currency. Only the People's Bank of China can launch legal digital currency. Regarding whether virtual currency exchange licenses will be issued in the future, Huo Xuewen responded that "should not". "China does not allow cross-border virtual currency transactions. No institution can sell overseas virtual currencies to the country, and no institution can provide exchange of virtual currencies and RMB. For this type of behavior, we will closely monitor and severely crack down, find together, clear together."