Yi gang, who on March 19 was “unexpectedly” appointed as the new head of the people’s Bank of China (PBOC), can change the rigid position of the Department in relation to cryptocurrencies.
According to Chinese media, in 2103 Yi has made several statements regarding bitcoin, in which he said that he can not be considered tender, but at the same time recognized the potential transaction crypto currency number one, adding that this is what “can participate ordinary people”.
In contrast to the negative stance of the PBOC Deputy Governor pan Gunsan, which in December 2017, said that the bitcoin will die, Yi believes that bitcoin “is inspiring” and will remain in the focus of public attention in the long term.
We will remind that the previous head of the PBOC, Zhou Xiaochuan, said on 9 March that the emergence of digital currencies, including national digital currency is an inevitable process.
According to Tommy Xie, a leading economist at OCBC Bank in Singapore, Yi is one of the “main drivers of China’s economic reforms”. Taking into account the support of Yi of economic reforms and favorable position in relation to cryptocurrencies, maybe the attitude of the Central Bank of the country to crypto-currencies will change as well.
At the moment, China has taken a very tough stance against the cryptocurrency. The country has banned the holding of ICO, prohibited work cryptocurrency exchanges, and access to foreign cryptocurrency exchanges is limited.