10/23/2020, 4:08 PM (Source: TeleTrader)
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China publishes draft law on forbidding crypto mining

The People's Bank of China said on Friday it has published a new draft law forbidding individuals from issuing cryptocurrencies.

According to the draft "for anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds."

China's central bank said earlier it is ready to test its digital currency by randomly dispersing 50,000 "red packets" worth of 200 yuan.

Breaking the News / TF