China's green light for virtual money

However, Zhou emphasized that such virtual currencies "do not directly conflict with the current financial order." "We do not...

However, Zhou emphasized that such virtual currencies "do not directly conflict with the current financial order."

"We do not want to create the environment for speculative products that make people delusional about getting rich overnight. Bitcoin and similar products have been marketed too fast but are not cautious. The rapid increase of these currencies can have a negative impact on users. In addition, they are likely to have unpredictable effects on monetary policy, "the governor said.

"We are currently not recognizing Bitcoin or any coding currency as a payment method, such as paper money, coins or credit cards," Zhou said.



Mr. Zhou Xiaochuan, Governor of the Central Bank of China

By the end of 2017, the Central Bank of China (PBOC) announced it would study to issue national virtual currency, although the government banned the use and trading of Bitcoin and other virtual currencies.
According to Zhou, Beijing's ideal digital currency "must ensure the implementation of monetary stability and protect consumers." This currency is only used for payment and not "virtual property".
"Despite his flexibility, Mr. Zhou's remarks still show the anxiety of the managers and they will probably put more regulations in the future," said Xiao. Lei, a financial analyst in China.

China is a pioneer in the fight against virtual currency and has repeatedly taken steps to wipe out virtual currency operations in the country, including the closure of virtual currency trading floors.
Recently, the Chinese government announced that it would block all websites related to virtual currency trading and first-ever virtual currency (ICO), including foreign websites. This move is considered a "knock-out" to completely stamp out the virtual currency market in China.



China has taken steps to "wipe out" virtual currency-related activities.

Last September, China banned ICO and shut down all of its virtual currency trading floors, but many Chinese currency investors have not given up on their operations, but switched to trading on foreign exchanges. direct purchase form. Beijing then asked Bitcoin mines to stop working.

These steps, along with measures to control virtual currency in other countries such as South Korea, the United States, India ..., has made virtual currency prices fall sharply from the beginning of the year.

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High Tech Brain: China's green light for virtual money
China's green light for virtual money
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