The governor of the people’s Bank of China is against the trade of crypto-currencies

This week, the governor of the people’s Bank of China (PBOC), Zhou Xiaochuan, talked about crypto-currencies. He said that the central bank does not like the digital currency, and that this authority does not officially recognize the crypto-currencies such as Bitcoin.

Zhou further explained that the bank is closely monitoring the projects related to virtual currency, and to the ICO. Thus, it aims to accelerate regulatory action.

Check out below a video in English describing the proclamation of the governor :

The PBOC does not allow the use of crypto-currencies

The PBOC has always been against the crypto-currencies and the ICO, despite the fact that the majority of the transactions of digital currency are carried out in China. Moreover, a lot of things have changed since the beginning of the year 2017. In fact, the chinese central bank has prohibited the exchange platforms for crypto-currencies at the national level and prevented the ICO in the country. This week, during a press conference held for the national people’s Congress, the governor of the PBOC has given its opinion on the digital currency.

Source : Pixabay. The people’s Bank of China does not accept even the crypto-currencies.

He explained that a lot of crypto-currencies, have experienced phenomenal growth and this can have a negative impact on consumers and investors. He has admitted that this authority does not appreciate this type of assets that offer huge opportunities for speculation.

The market of crypto-currencies needs to be improved

Zhou has said that digital currencies are technically inevitable, but he believes that they have deviated from their initial goals, which aim to improve the convenience and monetary to reduce the costs of trade. The governor of the people’s bank think that this technology is based on speculation.

According to Zhou, the issues of privacy and security related to these means of payment are another area to treat. He said that the projects cryptographic should promote the speed, convenience and cost reduction.

Source : NewsBitcoin