30.12. Beijing authorities urged to abandon cryptocurrency trading
Several municipalities in Beijing, including the Financial Supervision and Administration Service, the People’s Bank of China Business Administration Division, the Banking and Insurance Regulatory Service, and the Securities Market Regulatory Service, have called on businesses to abandon cryptocurrency trading activities.
The regulatory authorities noted that some cryptocurrency platforms have already seriously violated the rules prohibiting ICOs issued in 2017. Moreover, the institutions called on Chinese companies to impede the promotion of cryptocurrency projects and platforms, as well as to report on all violations of the relevant rules.
It is worth noting that such policy of the Chinese authorities is conducted in parallel with the development of a national cryptocurrency. As you know, the People's Bank of China is preparing to test the electronic payment system in digital currency (DC / EP) in the cities of Shenzhen and Suzhou.
Seven state enterprises were selected as a platform for testing the digital renminbi: four commercial banks and three telecommunications giants (China Mobile, China Telecom and China Unicom). The pilot program will affect the field of transport, education, trade and medical services.
---------- Post added 12-31-2019 at 03:26 PM ---------- Previous post was 12-30-2019 at 06:36 PM ----------
31.12. Experts predict global economic growth in 2020
Analysts positively assess the prospects for the development of the global economy in 2020.
Economists expect the active phase of the US-China trade war to end and consumer spending to remain high, which will contribute to economic growth despite low investment in business.
According to Goldman Sachs experts, the risk of a global recession will decrease and unemployment will drop to the lowest level since the Korean War. In 2020, the global economy will reach 2.25–2.5%, while the unemployment rate will reach 3.25% by the end of the year.
Analysts also expect key Fed rates to remain unchanged. Regulatory officials made it clear that a significant and constant increase in inflation was needed before considering the issue of raising rates.