Bitcoin Forum

Yi Gang, who was “unexpectedly” appointed to serve as new governor of the People's Bank of China (PBOC) on March 19, could soften the institution’s stance towards cryptocurrencies, given his previously reported positive views on Bitcoin (BTC).

Source: https://cointelegraph.com/news/newly-appointed-pboc-governor-once-called-bitcoin-inspiring-praised-its-accessibility

Just because he said positive things about Bitcoin or cryptocurrencies in past it doesn't mean he will lift the regulations after acquiring the governor's seat. And I don't think these are one-man decisions, but there must be debates and a lot of discussions before doing anything like that. So if there were supporters of this cause, I think they wouldn't have done it at the first place.

Well, nothing wrong with being positive about this change of leadership. Maybe what we can expect is not really the easing of the current stand against cryptocurrency already implemented by the government but maybe there will not be more. But then who knows...what if there will be a big miracle to be shining upon maybe a very strict regulations that only the most legit cryptocurrency can be allowed entrance...that can be the most welcomed news ever but then again we know the reality in China.

I see a very little chance of it happening. The banking system is strictly centralized worldwide and in China it is directly controlled by their communist government. So even if the governor thinks positively about bitcoin, it is his personal thinking. The bank will do whatever the Chinese government will ask for.

Well he's already acknowledged that Bitcoin cannot be legally recognized by China in the future despite his positive outlook, so there are probably laws in place to make sure of that. He likely won't be able to change that fact.

I concede that this is somewhat encouraging, but you have to remember that this is politics. Everyone flip-flops to cling onto power. China's government especially doesn't like opposition, so he can't go off script for one second. I personally don't think he can make a difference.

He'll say whatever he wants to get the people's trust and support. Not that he would need it, I guess, in a communist land.

China is known for obstructing things that give people power -- social media censorship, internet censorship, and they even make sure to cast out any kind of currency or material that works better than their own government currency. Take the Copper Hedging thread, someone said that copper worked better with construction companies when trading for other materials.

What did China do? They banned the trading of copper for items... just because it worked to undermine the national currency.

I have no doubt that they're going to actively be against bitcoin and crypto, in general. If they would ban something as trivial as copper... they're going to ban bitcoin and crypto because it will disrupt their currency even more.

This governor, even if he is on the side of btc, will be drowned out by the communist party for real.

Well, probably but not so soon as we would like it to happen considering the huge list of countries that still refuse to legalise it.

It's wise to wait and see how everything will turn out to be because this positive speech is worth nothing without real actions.

Last time I check Bitcoin is not illegal in China. And all the news saying that China has banned Bitcoin (which we have heard several times) are all just FUD. So him being appointed at PBOC won't really affect anything in China. I really don't understand why a lot of people are still believing on this kind of fake news. It will only just create a lot of confusion especially to the new comers of the market. That is why I don't believe on unreliable news sites as they do more harm than good.

Do you believe the words of the Governor in China matter? No matter what he says. He will do what they say XI. China remains a monarchy. The people's Assembly is only an attempt to show other countries that China is a democratic Republic. The same is happening in Russia. The attitude of XI Jinping to the bitcoin we know. So I do not see any prerequisites to reduce the pressure for money in China.

The Chinese government is hard as still. They are hard to break. If they could find the system that will benefit theirs we could see crypto adoption in China. Otherwise, it won't move even for an inch.

I think he's one of the investors and more likely the whales to us since China is a very well-known for making a lot of moves through crypto currency. I do hope he might give something good effect for the people since they were all worried when there is a bad news coming from nowhere then Bitcoin will going to start to fall again and i hate to look at that.

Hate it or not we cant really change the fact that it will possibly happen along the way.If there is a new governor of PBOC then he do have positive views on BTC then high chances that restrictions or prohibitions would really change or not too strict.We do know if high positioned persons would really have the such impact toward it.Hopefully there would lots or other people to have such consideration.

His comments might be encouraging, but I won't bank on it as a reason to rejoice that a fresh air its about to breath into the direction of crypto currency during his tenure. The reason is simple, institutions such as the PBOC, goes beyond individuals and every decision taken has to be in compliance with the law establishing such institutions until he is able to change such laws to accommodate his ideals for crypto currency, it will only be comments without any major change in the current situation.

Another thing why I won't want to rely on such comments is because Chinese stance against bitcoin is deeply rooted in its economic policy, the form in which they fundamentally believes in as against bitcoin promotion of capitalism that alone is a difficult hurdle to pass by the new governor of PBOC.