The central bank of China said that cryptocurrencies will be one of its top priorities this year, in an effort to protect the national currency.
While Fan Yifei, the vice governor of the People’s Bank of China, praised the continued progress in research and development of the central bank’s digital currency, and stressed that one of the three priorities for 2018 will be to guarantee the integrity of the Chinese yuan.
For that effort, Fan said, the agency will reinforce its regulatory measures both internally and with external parties to ” rectify different types of cryptocurrencies .”
While the comments did not reveal much about their plans for cryptocurrencies in the future, they are presented as part of a broader effort by the agency to control related projects that can undermine China’s financial health.
Fan’s comments also echo an earlier note in early March from the bank’s former governor, Zhou Xiaochuan, who showed a critical tone towards cryptocurrency speculation and the perceived risks it represents for the country’s financial stability.
In addition, a notice from the Ministry of Public Security of China in January in which the agency, which manages the country’s police force, said it will target the pyramid schemes related to the cryptocurrency.
Earlier this month, the reports also suggested that the Public Information Network’s Security Supervision agency under the Ministry of Public Security has been extending the scope of its Internet monitoring to exchanges of cryptocurrencies abroad that are providing service to national investors.