The National Congress of the Communist Party of China (NCCPC) approved the nomination of the new governor of the People’s Bank of China (PBOC). The new governor is Yi Gang, who until now was the vice governor of the PBOC. The new governor is also known for his positive comments he made about Bitcoin in the past.
According to Sina, a news agency from China, Yi Gang issued positive statements about Bitcoin at the end of 2013, recognizing the potential of this cryptocurrency and adding that the ordinary people had the liberty to participate on the cryptocurrency market. Nevertheless, he said Bitcoin could not be legally recognized by the People’s Bank of China in the near future.
It is possible the new governor would have a more flexible and less aggressive stance towards the cryptocurrencies since the PBOC was hostile to the cryptocurrency ecosystem and banned the initial coin offerings (ICOs). Moreover, the central bank was contemplating limiting the supply of electrical energy to the cryptocurrency miners.
After assuming his position as the new governor of the PBOC, Yi Gang said he would maintain the financial liberalization policy of his predecessor: “The main task is that we should implement prudent monetary policy, push forward the reform and opening-up of the financial sector, and maintain the stability of the entire financial sector.”
Yi Gang became the governor after working for the PBOC for the last 10 years and replaced the ex governor Zhou Xiaochuan, who was in the office for the past 15 years.
A few days ago, Zhou Xiaochuan, said the PBOC was not in a hurry to create its own cryptocurrency.