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PBOC Media: Bitcoin and Blockchain Should Be Treated Separately

Today the Financial News, a media under PBOC, reports that shutting down exchanges is not going to affect the development of blockchain technology. The article justify the “Exchange Ban” as “an important measure to maintain financial security and stability” and cryptocurrency and blockchain should be treated separately. The authority still favors the development of blockchain technology. Meanwhile, Bitkan, a Shenzhen-based blockchain startup founded in 2013, announces service shutdown by 30 September.

blockchain cn

The report points out the Bitcoin and other cryptocurrencies has become an “ally” of crimes and links to all kinds of illegal activities like: smuggling, drug trafficking, ammunition, porno, assassination etc. Bitcoin has become the preferred payment tool of “Dark Web”.

The Financial News posted another article not long ago, saying that private digital currency threatens financial stability.

Sun Guofeng, Director of the Institute of Finance of People ‘s Bank of China, told reporters:

“This does not prevent the relevant financial technology companies, industry agencies, technology companies from studying blockchain technology. Blockchain itself is a good technology. Therefore, we must separate blockchain technology from ICO. There is a wide range of application for blockchain technology, including some social management cases. Blockchain is not a equivalent of ICO.  We need to broaden the horizons of research and development of blockchain technology.”

Sheng Soncheng,former Director of Survey and Statistics Division of the People ‘s Bank of China, said:

“Although ICO is banned and virtual currency trading halted, blockchain technology itself is still encouraged.”

Yangdong, Deputy Director of Law School of People’s University of China, said:

“We must clearly distinguish Bitcoin and other virtual currency from blockchain technology. Shutdown of virtual currency exchange does not conflict with current promotion of blockchain research. The rejection of risk does not mean that we refuse to innovate. By cracking down pyramid schemes, illegal fund-raising and other financial crimes in the name of blockchain, we could provide a healthy and good financial and technological ecological environment for blockchain development. “

It seems that the authority doesn’t want to stall blockchain development in China. However, Bitkan, the producer of 1st Chinese Bitcoin documentary, announce shutdown by 30 September. The news triggers a wave of condolence as the application has been feeding price to the community since 2013.



  • BitcoinAllBot
    5 years ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • bitbat99
    5 years ago bitbat99

    PBOC is clueless

  • Bryce “Do you have a demo
    5 years ago Bryce “Do you have a demo" Weiner

    Bold moves by China. This is gonna cause some shit tomorrow. …

  • BitcoinAgile
    5 years ago BitcoinAgile

    PBOC Media: #bitcoin and #blockchain Should Be Treated Separately http://NEWS.8BTC.COM …

  • Bryce “Do you have a demo
    5 years ago Bryce “Do you have a demo" Weiner

    TL;DR: abuses of the Bitcoin ecosystem have led to a PBOC crackdown…but “blockchain” is good. Virtual currency is bad.

  • David
    5 years ago David

    You’re praising the Chinese govt here?

  • kospi
    5 years ago kospi

    It can’t be.

  • Andrew
    5 years ago Andrew

    China is so calculated I doubt anything is done without their eye on the future and being independent. Worlds largest damn = largest mining

  • AstarJoe
    5 years ago AstarJoe

    Bitcoin or blockchain: understanding the differences

  • Epicurus1
    5 years ago Epicurus1

    Lets take the forest out of the woods.

  • SeppDepp2
    5 years ago SeppDepp2

    Umf – that’s clear, because you cannot trade ‘Blockchain’ . Or did you already buy some BlockChainCoin ? 🙂

  • nowTHATScomedy
    5 years ago nowTHATScomedy

    Just like social media and the internet. Lol

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