The People’s Bank of China (PBOC) released a September 24 statement declaring that all cryptocurrency-related transactions will be deemed illegal and that foreign exchanges are banned from providing services to residents in...more
China is marching on to be the world's pioneering cashless society but unfortunately there is an almost complete absence of foreign counterparts in the huge Chinese domestic or cross border transactions initiated from China. ...more
On March 21, 2018, the Chinese central bank and regulator of payment services operators ("PSOs"), the People's Bank of China (the "PBOC") circulated PBOC Announcement No.7 of 2018 (the "Announcement") lifting the de facto but...more
On 11 January 2017, the People's Bank of China ("PBOC"), China's central bank, issued the People's Bank of China Circular on Matters relating to the Full Bore Macroprudential Administration of Cross-Border Financings ("New...more
In 2016, the value of RMB depreciated over 6% against the US dollar and China’s foreign exchange reserves dropped sharply. Such depreciation of RMB and the continuous capital outflow at extraordinary levels have caused the...more
A new program providing fund managers with access to China’s principal bond market officially opened for business in May 2016. The program – known as the China Interbank Bond Market (CIBM) program – greatly simplifies the...more
This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more
An explicit and limited-coverage deposit insurance system is ready to replace the historical implicit and blanket governmental guarantee for failed financial institutions. On November 30, 2014, the Legislative Affairs...more
“Virtual currencies” in general, and bitcoin in particular, continue to attract frenzied media attention coupled with immense public and regulatory scrutiny as an ever increasing number of countries review and clarify their...more
On December 2, 2013, the People’s Bank of China (“PBOC”) has issued the Opinions on the Financial Support for the Building of the China (Shanghai) Pilot Free Trade Zone....more
The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. These issues again attracted attention when Chinese government authorities issued a notice on bitcoin, defining its status...more