Chinese Central Bank President Explained About Blockchain Technology

Chinese Central Bank President Explained About Blockchain Technology
Chinese Central Bank President Explained About Blockchain Technology

Zhou Xiaochuan, chairman of the Bank of China (PBoC), said at the press conference that Bitcoin is still not considered a more legitimate payment method and that the government is not hasty to release a national crypto currency.

Zhou expressed his thoughts about Bitcoin;

“At the moment we do not recognize Bitcoin and other digital currencies as a unit of value for payments such as paper money, coins and credit cards. The banking system has not yet accepted Bitcoin. ”

At a press conference held annually at the national folk congress, Zhao said:

Said that China’s People’s Bank should avoid major and non-compensatory losses and that digital money will reduce the cash circulation in the future.

Zhao told the China Daily that the technology has evolved from day to day, and that the emergence of digital currencies will be inevitable.

As the Bank of China actively investigated Blockchain technology, Zhao said he should be cautious in order to prevent certain projects from spreading as a viral.

If Blockchain technology applications spread very fast, they could have negative effects on consumers. For this reason, financial stability and money transfer policies will have unforeseen effects.

In February 2018, the Bank of China found a patent application for the Blockchain Scaling solution. The Beijing government’s ICO Decision and the pressure on the crypto money exchanges is still ongoing. In the past month, the Chinese government has brought access to ICO and crypto money exchanges in China.

Although the legal infrastructure affecting cryptographic currencies in China is unpredictable, Citizens of the People’s Republic of China continue to have ties to the cryptographic sector at home and abroad.

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