Bitcoin entrepreneur Jihan Wu has spoken out and said that the Chinese government only wants to control the risk of bitcoin for investors who don’t know much about it.
In a report from ABC News, Wu, who operates Bitmain, a Beijing-based company that develops and sells the world’s leading bitcoin miner hardware using Bitmain’s ASIC chip technology, said:
The [People’s Bank of China] can potentially have very strong control over the price of bitcoin, at least in the short term, because it can effectively cut the money flow involved in bitcoin trading.
“Potentially [the PBOC] could shut down all the Chinese bitcoin exchanges,” he added.
Chinese Bitcoin exchanges could be shut down by the PBOC if it chose to do so, says Jihan.
However, he added that he didn’t think the government would conduct aggressive regulation over the digital currency, stating:
But I don’t think the Chinese Government will do very aggressive regulation over bitcoin. I just think they want to control the risk for
Read more ... source: CryptoCoinsNews
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