China’s latest move to tighten crypto regulation is not new, says HSBC

China’s latest move to tighten crypto regulation is not new, says HSBC

China's latest move to tighten cryptocurrency regulation is not a "new development," according to Paul Mackel, global head of FX research at HSBC. "There's been some messaging there for some time. This is not a new development, as far as I'm concerned, they've been more cautious on cryptocurrencies," he told CNBC's "Street Signs Asia" on Monday. He added that Beijing's recent attempt is not in direct conflict with the country's intent to launch its own digital yuan,  (CBDC) which aims to replace some cash in circulation. "I don't think there's necessarily a conflict with the e-CNY whenever it will be launched, it's a very different digital currency, so to speak," he said, using an abbreviation for the electronic Chinese yuan. "I think there's probably other issues right now — the degree of speculation, volatility and what does that mean in terms of the environment. These issues may have dominated their thinking lately." His comments came after Chinese Vice Premier Liu He and the State Council said in a statement on Friday that . said it was necessary to "crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field." Bitcoin's