The deputy director of department of science and technologies of the People's Bank of China Yao Qian has submitted the report in which merits and demerits of digital currencies are covered and the thesis that the bitcoin is "something bigger, than quasicurrency" is underlined. Writes Crowdfund Insider about it.
In particular, in the report it is said that despite of a hard line of the country leaders concerning cryptocurrencies, the government of China should pay attention to experience of regulation of neighboring countries, including Japan, South Korea and Singapore where the bitcoin is legislatively defined as a digital asset. According to the official, such approach will correspond to national interests of China and to promote innovative development of the sphere of financial technologies
Yao Qian is sure that Ethereum is more perspective digital currency, than bitcoin as has a little ampler opportunities for creation of smart contracts. The representative of NBK also assumes that soon Ethereum will bypass the first digital currency on capitalization.
Besides, Yao Qian has assumed that China can create a favorable regulatory environment for carrying out kraudseyl. For this purpose, in his opinion, it is necessary to master the British experience of regulation of the financial technical-industry. The representative of NBK has expressed opinion that at regulation of the sphere of ICO it is necessary to pay, in particular, attention to questions of disclosure of information, a risk management, and also counteraction to laundering of the income.
According to Yao Qian, ICO should be considered positively as the effective instrument of financing of projects and that has to be the cornerstone of tokens to lie innovative technology, but not the scheme of Pontsi.
Earlier the People's Bank of China declared that the bitcoin can't be considered as currency in habitual understanding of this word, and also has designated the intention to regulate cryptocurrency ICO.