The Governor of the People’s Bank of China criticized cryptocurrency speculation

The Governor of the People’s Bank of China (PBoC) during a press conference on Friday criticized the cryptocurrency speculation.

Speaking at a press conference at the annual political event in China, the Governor of The people’s Bank of China (PBoC), Zhou Xiaochuan harshly criticized cryptocurrency projects that refused to achieve their original goals and objectives for the sake of situational benefits, the achievement of which became possible thanks to speculation.

Many cryptocurrencies are now experiencing explosive growth, which can have a negative impact on consumers and retail investors. We don’t like (crypto) products, which provide opportunities for speculation, which makes people think that they can get rich overnight.

It is very likely that such a statement may indicate that

ICO and companies engaged in cryptocurrency transactions, which are still available to Chinese citizens despite the bans of the Central Bank, are waiting for another wave of repression.

Recently, as part of the pressure on cryptocurrency projects, the Chinese police began to block accounts of cryptocurrency projects in social networks.

However, the Central Bank remains positive about the blockchain technology itself and projects that are trying to create real value for consumers. In the summer of 2017, PBoC announced the launch of a special laboratory for the study of this technology.

Therefore, at a press conference, Zhou urged those who work on such projects to be careful – and not to grow too fast.

Blockchain projects with technological potential must undergo thorough testing before offering their services to the General public, otherwise, rampant growth can lead to serious problems for security and financial stability.