The Central Bank of China is going to update the policy that comprised of strict rules and regulations for people’s financial information. The new financial guideline framework will affect the public’s private information. The government’s financial pressure has led people to set an eye on Bitcoin.
Central Bank put Strict Financial Rules
The recent personal credit report on the part of China’s Central bank has come into the public’s eye as reported by the Chinese’s local media. The bank adopted the stance that the previous charter of rules was not feasible to probe issues related to credit.
The new update has set out nine new changes to deal with credit’s malfunctioning. The new financial guideline charter will efficiently fix these finance’s disruptions. The report conveying the procedure to tackle such things by taking private data such as employment status, household’s registration address, personal numbers as well as email information.
The new banking policy is reported to collect more private information from departments such ás tax information, law-enforcement, telecommunication business, civil rulings, and administrative penalties. First, it was reported that the new update will implement in May, but now, they have changed the schedule and set the date of Jan.20.
Another report claims that the set of new regulations are designed to handle the loan system of China. Despite the extraction of information from the public, the policy will also put financial leasing companies in a narrow street.
Turning to the Bitcoin
Most of the Chinese people thinking that the new change in policy will breach the public information and started to resist this by sharing their views about the report over social media. They considered it an attack on financial freedom.
China’s new credit system which will come online in a couple of months makes financial freedom a hard pull… this is why Bitcoin matters, as not just a SoV but also MoE
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) January 10, 2020
Bitcoin is often regarded as a store of value used by people in drastic political conditions as witnessed in some African countries during the country’s inflation state. Chinese are also looking for Bitcoin to escape from financial scrutiny.