Bitcoin, like other virtual currencies, is fundamentally not a currency, the head of the Chinese central bank’s monetary survey and statistics department, Sheng Song Cheng, wrote in an opinion piece published on the internet on 2nd January.
Sheng’s piece added that it would be hard to see how bitcoin could ever be regarded as a currency in the future.
Despite the fact that Sheng’s view underlines the central bank’s official position laid out last month, which states that bitcoin is not a currency “with real meaning”, the statistics head took the further step of labelling the cryptocurrency a “utopia” for these with beliefs in technologies and liberalism verging on the intense.
The English-language edition of the Global Times, a newspaper published by the conservative Individuals’s Everyday, reported Sheng’s phrasing in a news piece as:
“Bitcoin is merely a utopia for technology supremacists and absolute liberalists.”
Sheng’s division is accountable for developing the statistics system for China’s financial sector and designing the accounting program connected to monetary statistics, among other duties.
Commenters appeared to disagree with Sheng’s views. The top comment on Sheng’s piece, which was published in the opinion pages of major news portal Sina, sarcastically asked:
“States can wither away as well, my buddy. Can you please show much more vision?”
China’s central bank banned financial institutions from dealing in bitcoin right after declaring on 5th December that the digital currency didn’t have the legal status of a “currency with real meaning”. However, people stay cost-free to deal in bitcoin.
The People’s Bank of China, the country’s central bank, has been closely watched for signals of its attitude towards regulating bitcoin and other digital currencies.
The PBOC’s statement in December sent bitcoin’s price into a nosedive, shedding $ 300 in a single morning on Mt. Gox. The CoinDesk Bitcoin Price tag Index lost $ 555 more than two days.
On 16th December, news leaked that the PBOC had taken the further step of barring third-celebration payment companies from functioning with bitcoin exchanges. Bitcoin’s value fell by 22% at its lowest point within 24 hours of the announcement, according to the BPI.
View Statistics Chief at China’s Central Bank Bearish on Bitcoin on CoinDesk.
Statistics Chief at China’s Central Bank Bearish on Bitcoin
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