Yesterday Zhou Xiaochuan, former president of the People’s Bank of China,
China’s central bank, gave a talk at the 9th Caixin Summit. Zhou suggested that electronic payment systems and digital currencies can compete with each other and need not be mutually exclusive. Back in 2017 Zhou was responsible for setting up the Digital Currency Research Institute of the People’s Bank of China.
The
China Securities News quotes Zhou as saying that while financial infrastructure is public, it could be created by the private sector: “Of course, the private sector must be engaged in infrastructure under the guidance and supervision of the government. It can also be done by the public sector and the private sector. But the private sector must have a public spirit to participate in the infrastructure.”
However, he warned against short-term speculation. This resulted in a crackdown against ICOs and cryptocurrencies.
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