China’s Central Bank Won’t Regard Cryptocurrencies as Payment Means

March 10, 2018

Public Bank of China (PBoC) will not recognize bitcoin and other cryptocurrencies as means of payment, as the governor of the regulatory body Zhou Xiaochuan claimed in the course of his speech at the annual political conference China's Two Sessions.

“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”.

The consequence of such statements may well become further control toughening over crypto activity in the country by PBoC. Remember, Chinese authorities have already restricted ICO within the country limits, banned withdrawing digital currencies in yuan and started blocking crypto platform accounts in local social networks.

What is more, the CB’s governor assessed positively the prospects of blockchain development and told about probable benefits the projects created at its basis by the watchdog’s research lab may bring. However, he urged those responsible for such solutions take time implementing them.

“For blockchain projects with technological potentials, they should conduct thorough testing before rolling out services. Otherwise, a reckless expansion may incur serious security and financial stability issues”, Zhou added.

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