With the new ideology of People’s Bank China governor has turned the tables and pivoted the odds towards the favor of cryptocurrencies and it will possibly influence the Crypto policy of China in a huge way.
Yi Gang was elected as the new governor of People’s Bank of China on Monday voted by the National People’s Congress by China Legislative Body. And to the disguise, Liu He was appointed as Vice Premiere from the president’s leading economic advisor recently. It will surely have a great influence on the formation of economic policies by the Gang.
The display of interest by the Gang’s in cryptocurrency and bitcoin have motivated the Crypto users and generated particular internet in each of them. In late 2013, Gang also said that even though PBoC can’t accept cryptocurrency and bitcoin as a legal tender in near future, every ordinary person would be able to perform in the cryptocurrencies and they should have complete freedom to in adding themselves into the bitcoin network. The Gang even added in their statement that bitcoin was quite inspiring and influencing.
The Gang’s haven’t made any direct statement that the cryptocurrencies and crypto exchanges will be legal in China as governor. The legal status of cryptocurrencies and Crypto exchanges have not been confirmed yet.
Gang also spent almost ten years serving as the second-in-command to the existing president of PBoC, Zhou Xiochuan including this position. It is highly likely that the Gang’s will continue the same ideology being prior to their predecessor.
Greedy Crypto kid added in his tweet, “US Congress Releases Extraordinary Report Praising #Cryptocurrency and #Blockchain ™Technology #Coinbase Reveals Partnership With #Barcays Bank
G20 Watchdog Says #Cryptos Not a Risk, Resists Calls for New Rules
Will China Uturn? New PBOC Governor Called #bitcoin “Inspiring”.
After the appointments, Gang’s also added in their statement that their main task is to implement prudent monetary policy and push forward the reform and pushing forward of the financial sector and also manage to maintain the Stability of the entire financial sector.
China’s story with Cryptos
Not even a year ago China had world’s one of the largest BTC trading volume but their relationship with cryptocurrencies has been in quite in hurdle for the past six months. A continuous abandon of Cryptos that begin in the last few quarters of 2017. Moreover, they started hating ICOs and held a grudge against them and eventually outlawed cryptocurrency exchanges in the domestic venue.
The vice governor of PBoC, Pan Gangsheng led all their efforts to counter cybercrime with combined teams and other government agencies in January of this year. Gongsheng immediately pulled a ban on all services that support crypto trading and exchanges that made them suffer and incur huge losses. We also came to know that a letter was issued from PBoC instructions other Chinese Banks to abandon cryptocurrency related transactions and cryptocurrency exchanges.
Though China hates cryptocurrency and has a quite complicated relationship with them still we have a sigh of hope for the digital currency in the country. Xiaochan during his final days also predicted that one-day digital currency would replace paper currency in their country. It was revealed that indeed PBoC was recently developing DCEP, Digital Currency for Electronic Payment for sure. But it’s still not confirmed yet if the DCEP will be a cryptocurrency or use the blockchain technology in a specific way.