PRC Right to Ban ICOs and Exchanges says PBOC Vice President

According to a post that appeared in state-run media outlet Xinhua News, People’s Bank of China (中国人民银行) vice president Gongsheng Pan (潘功胜) made the following comment at a recent forum event in response to a moderator prompt about Bitcoin:

“There is only one thing that we should do now, and that is stand by and watch as bitcoin’s corpse floats past us.”

Cease All Operations

In recent months, the PRC government has put bans in place on holding or participating in any ICO activity. Pan noted that the central government’s decision to go forward with the ban was the right choice. If the administration did not put bans in place, according to Pan, the fallout could have been catastrophic.

Later, all domestic exchanges were ordered to cease operations, leading to them relocating to other territories.

Pan also referenced a book by Kedge Business School professor Eric Pichet, “Bitcoin à 10.000 dollars: bulle spéculative ou valeur d’avenir?” Or, “Bitcoin Heads to $10,000: Speculative Bubble or Future Value?”.

The book itself is highly critical of Bitcoin and suggests that it is, in fact, a bubble waiting to burst…

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