China’s cryptocurrency markets have witnessed a number of significant events in recent weeks, including affirmation from the People Bank of China (PBOC)’s new governor, which will likely intensify the country’s crackdown on cryptocurrency.
New PBOC Governor Reaffirms Stern Position Regarding CryptocurrenciesWhilst attending a forum on monetary policy at Asia Annual Conference 2018’s Boao Forum, China’s recently appointed central bank governor, Yi Gang, indicated that the PBOC’s stance regarding virtual currencies will not soften under his leadership.
Yi Gang described cryptocurrencies as offering little to contribute to China’s economy at large, defending the government’s cautious stance with regards to virtual currencies. “In general, PBOC is maintaining tight supervision among virtual currency, in the meantime, the central bank is also exploring a better way for digital currency to play a more active role in service to the real economy,” Yi Gang said.
Yi Gang also again reaffirmed the Chinese state’s design to be globally competitive as a leader in blockchain innovation and adoption.
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