Cryptocurrency Is Inevitable; Bitcoin Is not Accepted

A strange position to cryptocurrencies is taking China. The government has banned all cryptocurrencies on the territory of the country, but is willing to develop the own national cryptocurrency.

People`s Bank China Governor, Zhou Xiaochuan, has claimed, that cryptocurrencies are inevitable. Most likely, he means not common cryptocurrencies, like Ripple, or Bitcoin, or Ethereum, but a national Chinese currency that is supposed to be launched. The governor explains though, that the government isn’t hurrying even with the national crypto-money.

The bank governor believes, that the blockchain technologies can be used, but they shall be controlled, otherwise, they may damage the national economy. Though, the blockchain is interesting and accepted to such extend, that in February this month another Chinese State run bank submitted a file to patent a new technology based on the Blockchain, that will make the operations much simpler and available for tracking for users.

Meanwhile, cryptocurrencies in China are illegal. Cryptocurrency exchanges are closed or moved out of the country.

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