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Newly-Nominated PBOC Governor Yi Gang: Bitcoin Is Enlightening, And Will Focus on Bitcoin with Interest

March 19, Beijing –Yi Gang takes over the helm from Zhou Xiaochuan to run China’s central bank (People’s Bank of China), nominated this morning during the political season of Two Sessions. Upon the nomination, bitcoiners and blockchain entrepreneurs are getting a clue that this newly-nominated PBOC head may be a bitcoin favorer according to his early public statements.


Early in 2013, Yi Gang, served as No.2 to incumbent governor Zhou Xiaochuan, has publicly aired his opinion on bitcoin, saying bitcoin has distinctive features and it is enlightening, and he, personally, will stay focused on bitcoin for a long term. While from the central bank’s stance, bitcoin would not be admitted legal for the near term.

As for bitcoin trading, he regarded bitcoin trading as an Internet-based buying and selling, and thus ordinary people have the freedom to participate in bitcoin trading.

And for blockchain technology, according to a report in 2016 G20 Summit, Yi mentioned that by adopting the technology of distributed ledger (blockchain), to explore the operation efficiency and security of financial infrastructure is an essential part in practicing digital inclusive finance.

Like Zhou, Yi is a fluent English speaker with longstanding links to global economic leaders. Yi earned a business degree at Hamline University in St. Paul, Minnesota, and a Ph.D. in economics at the University of Illinois before moving to Indiana University at Indianapolis as a professor in 1986, according to his official PBOC biography. With these background, Yi seems to have an open mind discussing issues, the recent buzzword bitcoin and blockchain issues might included.

While in fact we may see more continuation of Governor Zhou’s approach to monetary policy and financial regulations, as the country’s move to promote an official who has served as No. 2 to incumbent governor Zhou Xiaochuan for more than a decade.

From 2013 to 2018, these 5 years see few changes of China central bank’s attitude towards bitcoin. However, Yi’s ‘support’ for bitcoin get one thing straight, that is, many financial professionals have been interested in bitcoin and studying the value of bitcoin since long ago. Yi might have a good understanding of bitcoin and open to new issues, but the government stance is not changed as recently Zhou Xiaochuan made that central bank doesn’t recognize bitcoin as payment tool and doesn’t like speculative products whilst saying future regulations are dynamic depending on technology development and regional pilot.

Will Beijing reconsider the bitcoin issues, or more strict regulations to come? Leave your opinion below.



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