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Saturday, 24 March 15:18 (GMT -05:00)

Foreign exchange market

China's Central Bank Is Skeptical About Cryptocurrencies

The People’s Bank of China has been very skeptical (even critical) about cryptocurrencies. This is confirmed by the statement recently made by the central bank’s president.

In particular, he thinks that cryptocurrencies have been spreading around the world too fast, which has been a real threat to consumers. Apart from that, this situation may result in unpredictable consequences for the global financial market. He also sees most of the existing cryptocurrencies as unreliable. Therefore, those cryptocurrencies must be suspended while the more reliable ones need to be checked thoroughly.

The President of the People’s Bank of China reminds us that since August 2017, all ICOs and cryptocurrency transactions have been banned in China, which means neither Bitcoin nor altcoins have been recognized as legal payment means in China since then.

At the same time, he doesn’t deny blockchain and other innovative technologies but he warns the world against ignoring the importance of secure financial products and markets. In particular, he thinks that it’s unacceptable to create highly speculative financial products for instant and big profits and therefore undermine the existing global financial system.

In the meantime, NordFX reports that Bitcoin is currently trading around 9300 USD/BTC. The BTC exchange rate crashed to this level shortly after peaking at a level slightly above 9800 USD/BTC. Ripple, Bitcoin Cash, Litecoin and many other cryptocurrencies followed Bitcoin and lost a bit of the value. At this point, the entire cryptocurrency market cap has shrunk down to 358 billion dollars.


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