NSC President: China will not rush to regulate cryptocurrencies

The President of the people’s Bank of China (PBOC) Governor Zhou Xiaochuan stated that China does not recognize the cryptocurrency as a means of payment, however, understands that their impact can not be avoided, so not going to rush to regulation. About Xiaochuan said at the national Assembly of people’s representatives, according to 8btc. He also noted that the regulation will depend on regional test of new technology.

According to the President, the NSC, the Central Bank in the moment explores the cryptocurrency, in particular, examines questions of privacy and security. Zhou also noted the inevitability of the spread of cryptocurrencies and the fact that sooner or later they will replace paper money. However, he warned the government against hasty development of the regulations and recalled that the NSC does not recognize bitcoin as means of payment.

Last week, a Chinese politician offered
to create a state exchange cryptocurrency, a day later it became known that the Chinese authorities block accounts of cryptocurrency exchanges in social networks, which become the only source of information for traders (and subject to
government harassment), traded on exchanges, fled the country after last year’s ban.

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