Crypto ban in China poses a risk

A former official of the People's Bank of China argued that in the long term there will be millions in losses due to this measure

Huang Yiping, a former member of the People’s Bank of China’s Monetary Policy Committee, said the current ban on cryptocurrency trading in China could result in long-term missed opportunities for the formal financial system, including blockchain technology and tokenization.

Although he acknowledges the risks associated with cryptocurrencies, such as bitcoin, Huang argues that a permanent ban on cryptocurrencies should be carefully considered.

China is currently known for its “blockchain, not Bitcoin” stance, but despite the ban, the country remains a major Bitcoin miner.

Huang, who is now a professor of economics at Peking University, also touched on the Chinese central bank’s digital currency and the issuance of stablecoins based on the digital yuan, arguing that it is a “very delicate” issue that needs to be carefully considered.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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