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Chinese Regulator Warns Against Illegal Cross-Border Transactions

Ramsey Baker

Summary: Sun Tianqi, the chief accountant of China’s State Administration of Foreign Exchange (SAFE), warned that emerging markets must have more say on the regulation of cryptocurrency-enabled illegal cross-border money flows, according to Reuters. At the finance forum in Shanghai, Tianqi asked for the cooperation of global regulators on countering these illegal cross-border transactions. Tianqi also ...

Sun Tianqi, the chief accountant of China’s State Administration of Foreign Exchange (SAFE), warned that emerging markets must have more say on the regulation of cryptocurrency-enabled illegal cross-border money flows, according to Reuters.

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At the finance forum in Shanghai, Tianqi asked for the cooperation of global regulators on countering these illegal cross-border transactions. Tianqi also asked for Libra to be classified as a foreign currency and be integrated in the framework of China’s foreign exchange movement or it should be banned.

Tianqi stated that China has currently closed over 2,000 forex trading platforms but gave no further detail on the subject.

By Ramsey Baker

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