Zhou Xiaochua, the Governor of the People’s Bank of China, has uncovered that the Asian country’s major financial institution doesn’t accept Bitcoin as well as any other crypto assets as legitimate forms of payment.
As Reuters states, China’s annual parliament session occurred on Friday and Zhou Xiaochua had an opportunity to address the current scope of digital currencies in this country with journalists. He pointed out that China’s key bank doesn’t officially recognize Bitcoin as well as any other crypto stuff as something equal to conventional paper money, credit cards and coins for retail payments.
Following Zhou’s statements, Beijing initially backed the creation of the blockchain. Moreover, the Chinese government managed to implement some of the currently existing technology in some sectors of the country’s economy. Nevertheless, worries over the fast application of the technology were overwhelming and generated concerns over the hypothetical risks associated with it.
Zhou stressed that if they managed to spread too quickly, it might have rather a huge adverse impact on customer. Additionally, it could have a number of unpredictable effects on the country’s financial stability as well as monetary policy transmission.
Crypto assets have been the topic of discussion among China’s watchdogs for the last year. Having clamped down on crypto trading, shutting crypto exchanges, the Asian country made its way to the next level in September of 2017, by rolling out an absolute ban of ICOs in the country. By the way, the clampdown was imposed unexpectedly, without notice and from the very beginning it provoked a powerful reaction across the market.
The crackdown wasn’t enough for China, and it went further. The next step involved addressing the rapidly extending sector of Bitcoin mining because of the ascending number of mining operations in the country. The authorities urged mining businesses to start exiting the country.
On Friday, the evergreen buck rallied to a 10-day maximum after American consumer prices data disclosed a build-up of inflation pressure, which would enable the Federal Reserve to have rates lifted up to four times in 2018…
On Thursday, the US currency was generally intact versus its counterparts…
On Wednesday, the evergreen buck soared versus a currency basket, although revenues were capped after the American government told it would place duties on an extra $200 billion worth of China’s products, thus driving a trade conflict between China and…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…
On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…
Your request is accepted.
A manager will call you shortly.
Internal error. Please try again later
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
|
