China’s central bank governor Zhou Xiaochuan said last Friday that the country does not recognize digital currencies such as Bitcoin as legitimate forms of payment.

Zhou added that China is paying close attention to blockchain technology, but some of its applications are growing too quickly and may have a negative impact on consumers. According to him, it may bring unpredictable effects on monetary policy transmission and financial stability.

The country is seen to be maintaining its strong stance against Bitcoin and had clamped down on token-based fundraising rounds in the past few months.  


Source: Reuters

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