Managing people’s Bank of China (PBoC) during a press conference on Friday was critical of the cryptocurrency speculation.
Speaking at a press conference in the framework of the annual political events in China, managing people’s Bank of China (PBoC), Zhou Xiaochuan harshly criticized cryptocurrency projects that refused to achieve its initial goals and objectives for situational benefits, which became possible thanks to the speculation.
Many cryptocurrencies are now experiencing explosive growth, which can have a negative impact on consumers and retail investors. We don’t like (crypto) products, which provide opportunities for speculation, which makes people think that they can get rich overnight.
It is very likely that such a statement may indicate that
ICO and companies involved in the cryptocurrency transactions that is still available for Chinese citizens despite the prohibitions of the Central Bank, waiting for another wave of repression.
Recently, in the framework of the pressure on cryptocurrency projects, the Chinese police began to block the accounts of crypto-currency projects in the social networks.
However, the Central Bank remains positive about the blockchain technology itself and projects that are trying to create real value for consumers. In the summer of 2017 PBoC announced the start of work a special laboratory for the study of this technology.
So at the press conference, Chou urged those working on such projects, be careful not to grow too quickly.
Blockchain projects with technological potential must undergo thorough testing before offering their services to the General public, otherwise, rampant growth can lead to serious problems for security and financial stability.