The bitcoin situation in China continues to evolve in a rather interesting direction as of late. The former PBoC governor gave an interview on national television earlier today, in which he stated how bitcoin will continue to exist. More importantly, he feels it is better to properly regulate bitcoin rather than try to bring it to an end completely. A very unusual sentiment, albeit one nearly everyone could have seen coming.
Former PBoC Governor Is Optimistic about Bitcoin
The information regarding this statement is presented by the CNLedger Twitter account, as you can see below. According to that source, the former Governor of the People’s Bank of China indicated how there is no point in trying to kill bitcoin. Many cryptocurrency enthusiasts feel China is trying to get rid of bitcoin, given the PBoC’s recent string of regulatory changes, albeit experts know all too well that is anything but the case.
Former Governor PBoC on CCTV today: Bitcoin will continue to exist. We should properly regulate it rather than try to kill it pic.twitter.com/RFDD290xRq
— cnLedger (@cnLedger) February 14, 2017
The former Governor admitted bitcoin was built on a platform that knows no national boundaries. Blockchain technology is something that is not tied to a specific country or nation, but rather a new technology designed to be embraced by everyone in the world. It brings transparency, immutability, and underpins the bitcoin payment protocol. Any region trying to oppose the bitcoin network or its underlying technology is fighting a futile battle.
According to the screenshot provided to us, the former Governor mentioned how killing bitcoin will be an “impossible task”. Since there is no central authority to attack or shut down, one cannot effectively end bitcoin as we know it. The only thing governments can do is regulate the platform is bringing bitcoin to the rest of the world, such as cryptocurrency exchanges. That is exactly what the PBoC has been doing over the past few weeks, albeit in a positive manner.
Moreover, the former Governor when on to saying how China’s priority needs to be to properly regulate bitcoin first, rather than oppose it. Any changes being introduced will be met with a bit of skepticism and cause discomfort, but they are designed to make the bitcoin ecosystem better as a whole. Companies dealing with other people’s funds – CNY, bitcoin, or other currencies – need to adhere to strict rules, that much is certain.
In the end, it is clear the PBoC has no intentions to destroy bitcoin whatsoever. Not that that would be possible even if they tried to do so, though. Regulating the exchanges is the first step towards making bitcoin a legal currency in China, something that has been coming for some time now. It appears the future is bright for cryptocurrency in China, albeit there is a lot of work to be done still.
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