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Chinese Megacity Considering Government-Backed Crypto Exchange

Fredrik Vold
Last updated: | 1 min read

The southwestern Chinese city of Chongqing, known for its strong economic growth in recent years, is reportedly mulling a plan to set up its own “blockchain-based digital asset exchange,” according to an official statement obtained by Chinese news site 8BTC.com.

Source: iStock/honglouwawa

Given the fact that all trading with cryptocurrencies is currently banned in China, the news could offer some optimism for people hoping to see inflows of new money to the crypto space from the world’s second-largest economy.

Shortly after it was published, the news went viral on Chinese social media platforms, with crypto enthusiasts cheering the government initiative. The statement was initially published on the Chongqing government’s website, but was removed shortly after the news went viral, most likely due to the sensitivity of the matter in China.

Since banning all initial coin offerings (ICOs) and cryptocurrency trading last year, more and more Chinese officials and industry experts have advocated for China to set up regulated digital asset exchanges within the year, arguing that it is necessary in order to keep the country at the forefront of technological innovation.

Back in May, a professor at Peking University’s Guanghua School of Management, said in an interview on Chinese state-run broadcaster CCTV that China “need to consider creating a digital asset exchange.” The same sentiment has also been echoed in the past by officials at various levels of the Chinese central government.