Newly Appointed PBOC Governor Once Called Bitcoin ‘Inspiring’, Praised Its Accessibility
From Cointelegraph
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).Read more: https://cointelegraph.com/news/newly-appointed-pboc-governor-once-called-bitcoin-inspiring-praised-its-accessibilityAccording to reports from Chinese media, Yi spoke about Bitcoin at the end of 2013, when he said that the major cryptocurrency cannot be legally recognized by the PBOC in the near future. At the same time, he recognized the transactional potential of Bitcoin, adding that, “ordinary people have the freedom to participate.”
In contrast with the negative stance of PBOC’s deputy governor Pan Gongsheng in December 2017, who argued that Bitcoin “will die”, Yi stated at the time that Bitcoin is “inspiring”, and that it will remain a subject of public attention in the long term.
Yi will take the post of former PBOC governor Zhou Xiaochuan as decided by the National People’s Congress. On March 9, Zhou said that the development of digital currency is “technologically inevitable,” but the banking system still does not accept cryptocurrency as payment.
If we see China comeback in a big way it could nice bull rally back to $20K easily IMHO.
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There is quite a lot of misinformation about cryptocurrency in China. Firstly, blockchain is an extremely hot topic here. Every person I have spoken to knows firstly about Bitcoin and secondly blockchain. People from all kinds of demographics; I have spoken to 50 year old men, women in their late 30s and young people. All of them are fully aware of the poential. Secondly the amount of blockchain based startups is increasingly rapidly.
While China has a policy that is seen as negative towards Crypto, this is not an instance of specifically targeting crypto, but rather in-line with their current policy with regards to transferring money out of the country. Stocks, properties and any other asset class are all under the same strict policy for having money transferred overseas.
Once capital outflows are permitted again, I am sure we will see their policy with regards to cryptocurrency change.
For future viewers: price of bitcoin at the moment of posting is 8505.40USD
Nice post! This is a great step in the right direction for cryptocurrency acceptance, and I can't wait to see what comes out of it.
I'm definitely upvoting and following you!
@shredz7
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