New PBoC head might be more supportive of Bitcoin than predecessor

The head of the People’s Bank of China has changed recently. Previous leader of this main financial regulator of one of the biggest economies of the world was relatively conservative on the issue of digital currencies and fintech enterprise. Under the guidance of Zhou Xiaochuan initial coin offerings were banned which greatly affected the local crypto business.

However, new PBoC governor is notable for calling Bitcoin ‘inspiring’ in the past. Note that in the world of politics, statements might become obsolete fast - and Yi Gang since then did not repeat it and overall agreed with the policy of his predecessor. His first statement regarding his new job was expectable: he vowed to increase the financial stability of the market.

This news might have influenced on the recent growth of Bitcoin, although the balanced position on digital currencies expressed by the central banks’ delegates at the G20 summit is a more realistic explanation. It is worth mentioning that the representatives of China did not call for hard regulation there, as well as other countries usually considered suspicious towards the phenomenon of cryptocurrency.

Image courtesy of REUTERS / Jason Lee