Chinese Government Cracks Down on Online P2P Lending
The Chinese government has drafted rules to limit P2P lending in an effort to clean up the online financial sector. China’s central bank has drafted a plan following a video conference organized by the State Council, the cabinet, in mid-April with 14 regulators and ministries. The State Council approved the plan. The plan, viewed by Reuters, establishes stricter rules for P2P platforms. P2P lending quadrupled to 440 billion yuan ($67 billion) last year, according to Citigroup research. The rules prohibit lenders from holding clients’ capital in-house. Funds must be deposited with an....
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China has suspended registration of new businesses with finance-related names, saying that these firms first need approvals from financial regulators. What effects will these measures have on the Chinese fintech competitive space? The restrictions imposed are part of the Government's measures to restrict the proliferation of online financial companies. According to reports citing Caixin, a Chinese magazine, the crackdown is expected to last one year and is expected to focus on P2P lending, crowdfunding, online insurance, etc. The reasons given for the crackdown include failure of P2P....
Today we are starting a new feature, The Alt-Cracks. With a near endless stream of altcoins on the market, altcoin related stories are similarly endless. The Alt-Cracks, and yes, we realize the name is a little funny, will be an attempt to pick up all the stories in the altcoin space that either didn't necessitate their own story or for another reason, fell through the cracks. By no means is it intended as a comprehensive list. The altcoin space is endless. We will miss some stories, and we welcome any leads by altcoin devs, community leaders or users. Likewise, stories covered in their....
The Chinese government cracks down on the crypto exchanges (again), but Binance has been benefiting.
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Digital wallet solutions are gaining more mainstream traction, and this industry has largely been unregulated for the most part. The Chinese government will require wallet apps to demand real-name registration Come July 1st. Chinese Wallet Apps to Require ID. Hardly anyone will be surprised to find out the Chinese government would like to know what its....