At a time when cryptocurrency is gaining ground in the business world, the People's Bank of China think that Bitcoin will eventually disappear.
When China forbids Bitcoin ...
Last September, we had several twists in the world of cryptocurrency, the most notable was the announcement of the suspension of exchange platforms by the Central Bank of China. As a reminder, the latter has also decided to ban all ICO (Initial Coin Offering), which has caused much criticism among Chinese traders.
Despite this, transactions have not stopped, on the contrary, they have increased with a 144% increase since the announcement of the suspension. However, BPoC does not seem to be worried about the situation at all, according to statements by Deputy Governor Pan Gongsheng.
Pan Gonsheng: "Bitcoin will die! "
At a financial forum held last weekend in Shanghai, the vice-governor insisted on the "i's" regarding the ban on Bitcoin and ICOs. He states first that "If we had not stopped Bitcoin transactions and ICOs, and if China still accounted for more than 80% of global bitcoin trade, what would happen today? Before adding that everyone has to think about this question which is personally scary to him.
When journalists ask him why the Bitcoin continues to skyrocket despite their initiative? Mr. Pan Gongsheng simply replied that Bitcoin would eventually sink sooner or later. For him, the best thing to do is to sit by the river and watch Bitcoin flow. "
Investors are moving
These are statements that will not please investors in Bitcoin. But anyway, traders seem to have found a solution to circumvent this ban: by trading rather on the markets "peer-to-peer". As for the Bitcoin portfolio providers, they simply transferred their activities to other countries, as did the mining pools that also moved.
It remains to be seen whether China will camp on its positions despite the big boom that Bitcoin is currently facing. Who knows, the country's government may go so far as to ban cryptocurrency altogether?
Case to follow ...
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