The people’s Bank of China: we should not overestimate the blockchain is a bubble


According to the research Bureau of the Department, any innovative technology could not be the revolutionary change the financial system and a distributed register — no exception

Experts of the research Bureau people’s Bank of China (PBoC) has published a document which criticized the blockchain technology, writes CCN. According to experts, financing in this sector is speculative, the government should strengthen the supervision, as the “bubble” has become obvious.

“Any innovative technology had a breakthrough impact on the financial system. The blockchain is not an exception,” wrote the experts from the PBoC.

They called for a more balanced attitude to new technologies and not to exaggerate its functionality. In the industry a lot of swindlers, speculators, and the value of the assets are manipulated, so the regulations control the industry need to be tightened, say experts.

Despite the publication of this document, the government is investing heavily in the development of the blockchain, and in may, Chinese President XI Jinping called it a breakthrough technology. Earlier, the PBoC announced the tightening of rules regarding the conduct airdrops, one of the local entrepreneurs hold the ICO to bypass existing legislation.

More news on cryptocurrency can be found in our telegram channel RBC-Crypto.

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