The Central Bank of China opposed the use of cryptocurrency as a means of payment

The Central Bank of China opposed the use of cryptocurrency as a means of payment

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The People’s Bank of China does not recognize bitcoin and other cryptocurrencies as a means of payment and believes that too fast distribution of such “unreliable” financial products can lead to the most unpredictable negative consequences on the financial market. With such a statement on Friday, March 9, the head of the NBK, Zhou Xiaochuan, reported, “Prime”.

“For example, bitcoin and other digital cryptocurrencies are entering the market too quickly, and they are not reliable enough. Their too rapid spread can lead to a negative impact on consumers. In addition, they can lead to the most unpredictable consequences in the financial market, ” said Zhou Xiaochuan.

According to him, the regulator believes that unreliable products should be stopped, and some promising products must pass through a thorough check.

Zhou Xiaochuan recalled that last year the regulator banned the conduct of the ICO in the country, and later the direct deals between the yuan and bitcoin.

“Virtual money like bitcoin is not cryptocurrencies recognized by the People’s Bank of China and the banking system as a means of payment like cash,” he added.

The head of the NBK also stressed that although new technologies are generally a good thing, one should never forget about the safety of financial products and the market.

“We should not create speculative products to achieve immediate enrichment. We should always provide consumers with effective, safe and secure products. We should never go against the existing financial system and rules, “said Zhou Xiaochuan.

He added that China will continue to explore new technologies, but the launch of new products should occur only after thorough testing and study.

Earlier it was reported that the Agency for the Supervision of Public Information Security of China began to monitor the activities of foreign crypto exchange platforms, as well as local sites that moved their business abroad.

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