Vice Chairman of the State Foreign Trade Corporation: Cross-border cryptocurrency trading is outside of foreign regulation

According to China Financial News, Xuan Changneng, deputy director of the State Foreign Exchange Corporation, said that the cross-border currency exchange rate is difficult to regulate the existing exchange rate. As the value of Bitcoin skyrockets, many cryptocurrencies are overvalued in the market and the volume of transactions is increasing rapidly. Cryptocurrencies have the characteristics of "anonymity", fast trading, low transaction costs, and volatile trading procedures. The trading platforms are mainly located on the coast, the trading areas are close to several layers, and the capital and facilities are invisible. It monitors, identifies and facilitates the illegal exchange of assets across borders. For example, companies convert RMB to Bitcoin in China, sell Bitcoin to third parties over the Internet, and collect foreign currency from local banks to "rotate" the markets. Currently, the regulatory framework for cryptocurrencies is insufficient and it is difficult to include currency regulators, who aim to cross the border of cryptocurrencies from external sources.