People’s Bank of China Governor Speaks Against Speculative Cryptocurre...

People’s Bank of China Governor Speaks Against Speculative Cryptocurrencies

in News
Zhou Xiaochuan, the People’s Bank of China (PBOC) governor, spoke this week about both public and privately issued cryptocurrencies. Zhou details that the central bank dislikes “speculative cryptocurrency products” and the bank does not officially recognize digital currencies like bitcoin.
“We do not currently recognize bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments,” Reuters quoted People’s Bank of China governor Zhou Xiaochuan as telling reporters on the sidelines of the annual session of the National People’s Congress, the country’s parliament. “The banking system does not accept it.”
China has taken a string of steps in recent months to clamp down on the cryptocurrency market, including closing exchanges and banning so-called initial coin offerings (ICOs) – digital, token-based fundraising rounds. “Lots of cryptocurrencies have seen explosive growth which can bring significant negative impact on consumers and retail investors. We don’t like cryptocurrency products that make huge opportunity for speculation that gives people the illusion of getting rich overnight.” Zhou explains to the press. Zhou’s remarks added to pressure on bitcoin after the United States on Thursday said “potentially unlawful” online trading platforms for cryptocurrencies may be giving investors an unearned sense of safety and should be registered with the regulator. Prevention of financial risks is one of the key topics of deliberations at the ongoing annual sittings of the National People's Congress and the National Committee of Chinese People's Political Consultative Conference.   What do you think about the PBOC governor’s statements? Do you think China is in the midst of creating its own cryptocurrency? Let us know your opinion in the comments section below. 

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