China Banking: Andrew Sheng and Currency Markets

china banking: Central banks cannot afford to treat cybercurrencies as toys to play with in a sandbox, said Andrew Sheng, chief adviser to the China Banking Regulatory Commission and a distinguished fellow of the Asia Global Institute at the University of Hong Kong, according to The Japan Times. It is time to realize that they are the real barbarians at the gate. Until recently, officials at major central banks were happy to watch as pioneers in the field progressed by trial and error, safe in the knowledge that cryptocurrencies were dwarfed by the roughly 5 trillion circulating daily in conventional currency markets. ; But now, as officials turn an eye toward the increasingly pervasive technology, the risk is that they are reacting too late to both the pitfalls and the opportunities presented by digital coinage. The cryptocurrency Exio Coin will start a round of fundraising on Thursday, with its founders claiming a unique distinction the first to be endorsed by a sovereign nation. According to co-founder Sunny Johnson, though, the supporter is one of the world's richest countries on a per capita basis. The identity of the government backer won't be revealed until October, and the claim of support is currently unverifiable. (news.financializer.com). As reported in the news.