China ban reversal could be approaching: The new PBOC governor views cryptocurrencies differently

The People’s Bank of China now has a new governor. Mr. Yi Gang was voted in on Monday by the National People’s Congress. Subsequently, Liu He was also appointed as the president’s chief economic advisor.

Mr. Gang has in the past expressed his backing for cryptocurrencies. Therefore, his election is highly regarded by the cryptocurrency enthusiasts in China. He once said in 2013 that, he likes the fact that cryptocurrencies are freely available to all people, although they will not be accepted as legal tender in China, at least not anytime soon.

The new PBOC has not made any public statements on the legality of cryptocurrencies as well as the crypto exchange platforms in China. In retrospect, Gang has been serving as second-in-command to his predecessor and therefore not much is expected to change. Speaking after his election, the new PBOC said, “the main task is that we should implement prudent monetary policy, push forward the reform and opening-up of the financial sector, and maintain the stability of the entire financial sector.”

China has had a complicated relationship with cryptocurrencies. However, experts still believe that it is not over for the country that was once leading in the daily cryptocurrency trading volume on the exchanges. There is hope for the virtual currencies in China, and it could start with Mr. Gang Yi appointment to head the PBOC.