Bank of China stance on Bitcoin might change with the new governor The newly appointed governor of the people’s bank of China can help change the institution’s stance on bitcoin and other cryptocurrencies given his previous remarks on the top crypto coin. Reports from Chinese media indicate Yi Gang, who was appointed as the new PBOC governor on March 19, made favorable comments about bitcoin towards the end of 2013. Even though he acknowledged that major cryptos cannot be recognized by PBOC in the near future, he had a soft stance on bitcoin stating “it gave ordinary people the freedom to participate.” The remarks are in contrast to what the deputy governor of PBOC said in December of 2017, arguing that BTC will die. Yi at the time said bitcoin was “inspiring” and it would remain relevant to the public in the long term. Yi will take over from the former governor of PBOC Zhou Xiaochuan as it was decided by the National People’s Congress. Even though the banking system in China doesn’t recognize digital currencies as a mode of payment, the former governor said their development was “technologically inevitable.” Yi has been praised by Tommy Xie, a Chinese economist at OCBC based in Singapore, he says Yi is one of the main drivers of economic reforms in the country. Taking Yi’s positive stance on bitcoin and other cryptocurrencies and his support for economic reforms, the appointment of the new PBOC can spark the start of a new approach when it comes to regulation of virtual currencies in China. Currently, China goes on with its tough stance on cryptocurrencies. There have been bans on initial coin offerings (ICOs), crypto-fiat exchanges, and since February 2018, a ban on all foreign crypto exchanges. Do you believe the current PBOC governor positive stance on bitcoin and other cryptocurrencies will help influence a different set of regulations that will see China soften its stance on virtual currencies? Let us know in the comment section below. For more information about our news blog please visit us here: Bitcoin News, cryptocurrency news, Bitcoin Cash.