The People's Bank of China has recommended creating a system to track crypto transactions

According to the Chinese Central Bank, virtual assets pose increasing challenges to the sovereignty of national currencies

26.11.2021 - 10:25

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What’s new? Gou Wenjun, Director of the Anti-Money Laundering Monitoring and Analysis Center of the People’s Bank of China, has offered to create a cryptocurrency transaction tracking system. This is reported by the local media.

Link to the local media

Why did the official come up with such an idea? According to Gou Wenjun, virtual assets pose increasing challenges to the sovereignty of national currencies. A tracking system is therefore one of the measures to strengthen the regulation of the cryptocurrency market.

“We should maintain a consistently high level of vigilance, look at the evolution of virtual assets and the development of underlying technologies objectively and neutrally,” the Chinese official pointed out.

How will the system work? Gou Wenjun said that as part of the system's functioning, it is proposed to clarify the non-financial attributes of virtual assets. The official also suggests monitoring addresses using artificial intelligence, machine learning, and other technologies to identify real account owners.

In addition, Wenjun recommended strengthening cooperation and information exchange with foreign financial intelligence agencies.

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