Topic: [2018-03-09] PBoC Governor Blasts 'Explosive' Cryptocurrency Speculation (Read 122 times)

He finally said what official China is thinking about cryptocurrency,they are not actually worried for people,but that some people will maybe start living better and they may lose control over them.Yet communism is all about state ownership and absolute authority,far from true human freedoms which exist in some parts of the world.

China is still a big threat for cryptocurrency,even though they are close all domestic exchanges and stop almost all trading activty in country-now they focus on markets outside of China.So it is like they are sending the message to the world,"It is not good for us,and it should not be good for you".

Well, if there's money to be gained, people will do what they can to get a big slice of the pie as quickly as they could. Maybe them from
China can censor, limit and ban cryptocurrency speculation in their market, but that is not how it works in the other parts of the world. Most free economies allow people to do whatever pleases them when it comes to crypto trading provided that these people do not break any laws in doing so.

If the PBoC Governor wants to help, maybe he can try working with the crypto community in China to look for a better solution on how to properly manage the rise of crypto in their part of the world. Their current crackdowns on the crypto exchanges operating in their side of the world has actually added fuel to the explosive cryptocurrency speculation that had him so riled up.

The governor of China's central bank struck a critical tone on cryptocurrency speculation during a media appearance on Friday.

Speaking at a press conference amid the Two Sessions, China's annual political event, People's Bank of China (PBoC) governor Zhou Xiaochuan took aim at cryptocurrency projects that have shifted away from their purported use cases in favor of promoting what is essentially market speculating.

"Lots of cryptocurrencies have seen explosive growth which can bring significant negative impact on consumers and retail investors," Zhou said. "We don't like (cryptocurrency) products that make huge opportunity for speculation that gives people the illusion of getting rich overnight."

The comment may signal an increasing level of scrutiny down the road by the PBoC over initial coin offerings and trading services that are still available for domestic investors, even after regulators issued a ban on ICOs and essentially pushed fiat-to-crypto exchanges out of the domestic market.

It also follows recent measures reportedly taken by Chinese regulators to block social media channels offered by cryptocurrency exchanges that still provide trading services in the country.

That said, the central bank still holds what appears to be a positive view on blockchain development, and projects trying to bring genuine services to consumers. That position is also in line with the PBoC's efforts to study applications of the tech through its digital currency research lab.

On Friday, Zhou called for those behind such efforts to be cautious - and not to grow too fast.

"For blockchain projects with technological potentials, they should conduct thorough testing before rolling out services. Otherwise, a reckless expansion may incur serious security and financial stability issues," Zhou said.

https://www.coindesk.com/pboc-governor-we-dont-like-cryptocurrency-speculation/