Walk Away from Bitcoin, Says PBOC Official in his Personal Blog

Walk Away from Bitcoin, Says PBOC Official in his Personal Blog
Walk Away from Bitcoin, Says PBOC Official in his Personal Blog

Walk Away from Bitcoin, Says PBOC Official in his Personal Blog

Earlier the rumors were there that China has banned Bitcoin; there are not confirmation regarding any such ban though. However, now it appears that a mainstream opinion among the policy makers is that Bitcoin is unsafe and prone to risks. The latest is that an official from central bank voiced his skepticism toward Bitcoin on his personal microblogging account.

In absence of any clear ban on Bitcoin, the person blog from Zhang Niannian can help people understand the policy about the digital currency and its future in China. Mr. Niannian in his blog says that Bitcoin exchanges are like casinos. In his blog was published on Chinese microblogging website Sina Weibo, he said that avoiding Bitcoin is the best thing.

In his blog post he wrote: “Aren’t you afraid that a Bitcoin platform will leave with your money?” as well as, “Do you think the court would protect you?” Then replied: “Cherish life, walk away from Bitcoin.” He also talked about the legitimacy of the businesses as he suspects that they could abscond with customer funds, leaving Chinese consumers with little recourse.

At the same Mr. Niannian clarified to The Wall Street Journal that these are his opinions and these do not represent those of the PBOC. Interestingly, the three major Bitcoin exchanges in China e.g. BTC China, Huobi and OKCoin, made it clear that they did not receive any notice or warning from PBOC.


China Has Been Critical Against Bitcoin

Speculations are being made whether the stand taken by Mr. Niannian is official stand from PBOC or it is his personal opinion. Also, there is no information from third party what position he works at in the bank and whether his personal opinion would influence the official policy. However, it’s also clear that the Chinese government has not been friendly with Bitcoin.

Earlier reports came in that the People’s Bank of China ordered domestic banks to stop doing business with websites that trade in Bitcoin. The blog post clears that Mr. Niannian made it clear that he is working as manager at POBC. He wrote that he was involved in the central bank’s December statement that banned financial institutions in China from dealing with Bitcoin.

Thanks to the demoralizing news coming from China, the exchange value of Bitcoin fell to great extent which was facing trouble after the collapse of the major Bitcoin exchange Mt. Gox.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com