Leaving cryptocurrencies market in China undisturbed would be scary, says central banker

Asia China Cryptocurrency

China was right to close all crypto exchanges – that is according to People’s Bank of China (PBoC) vice-governor Pan Gongsheng who addressed the issues speaking at an annual financial book award ceremony.

“If we didn’t shut bitcoin exchanges and crack down on initial coin offerings (ICOs) a few months ago, and if more than 80 per cent of the world’s bitcoin transactions and financing activities were still taking place [in] China, which was the case back in January, what would it be like today?… It’s scary to think about,” the banker said.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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