The head of the Chinese Central Bank: Bitcoin is not a legal means of payment

China did not soften the position on crypto-currencies.

Zhou Xiaochuan, the incumbent head of the People's Bank of China (PBOC) confirmed the discriminatory attitude towards the crypto-currencies in China.

"At present, we do not recognize Bitcoin and other digital currencies as a tool, such as paper money, coins and credit cards for retail payments … The banking system does not accept this," Zhou Xiaochuan told reporters on the sidelines of the annual session of the Chinese State Council.

In addition, Zhou Xiaochuan noted that China is paying close attention to blocking technology and distributed accounting technologies that are built on Bitcoin, reportsWHTC with reference to Reuters.

China does not keep up with technology

"If they (the technology) spread too quickly, it can have a big negative impact on consumers, and may also have some unpredictable consequences for financial stability and monetary policy," explained the banker.

Recently it became known that in China they are thinking about the ban not only of domestic trade in crypto-currencies, but also about the ban on Chinese participation in crypto-trade on foreign sites.

Author: Evgenij Novožilov, Analyst Freedman Club Crypto News

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