China recently banned trading of cryptocurrency, initial coin offerings(ICOs) and trading platforms for all Chinese citizens. Governor of People’s Bank of China Zhou Xiaochuan made many comments on Friday about cryptocurrency and blockchain technology. Zhou said,
“If they [Blockchain technologies] spread too rapidly, it may have a big negative impact on consumers. It could also have some unpredictable effects on financial stability and monetary policy transmission.”
There were also reporters who said Zhou commented that;
“The development of digital currency is technologically inevitable.”
We are excited to read these comments from a top official in China’s banking industry that acknowledges the impact of cryptocurrency and blockchain technology. We are confident China is working hard to issue new regulations of for crypto trading and ICOs that will protect investors and safeguard from crypto scams and frauds.