Closing China’s Bitcoin Exchanges Was the Right Move, Says PBoC Official

The vice governor of the People’s Bank of China, Pan Gongsheng, has said that the country’s regulators took the right decision in cracking down on domestic cryptocurrency exchanges.

Speaking at a financial book award event in Shanghai at the weekend, the central bank executive said it was “scary to think about” the scenario if the regulators had not stopped cryptocurrency exchanges from serving the local market, Yicai Global reports.

Gongsheng said:

“If we didn’t shut bitcoin exchanges and crack down on initial coin offerings [ICOs] a few months ago, and if more than 80 percent of the world’s bitcoin transactions and financing activities were still taking place China, which was the case back in January, what would it be like today?”

He continued to say that bitcoin speculation has caused financial market trouble, and that bitcoin is a bubble waiting to burst, like “tulip mania” in the 1600s and the dot-com crash…

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