Chinas New Central Bank Head Yi Gang is Pro Cryptocurrency.  Will It Impact the Industry?

Chinas Newest Central Bank Head Yi Gang is Pro Cryptocurrency. Will It Impact the Industry?

Yi Gang, an American trained economist who was elected by the Chinese government to take over the Peoples Bank of China, could have a very positive and significant impact on the cryptocurrency market moving forward.

Pro Market Equals Pro Crypto Freedom

yi-gang-chinese-bankYi Gang as well as Chinese President Xi Jinping have both consistently emphasized how important market liberalization is to their long-term plan to increase the flexibility of Chinese markets.

Ever since the election of Yi Gang, for the first time ever, the Chinese government has allowed foreign companies to enter the country’s payment sector against local eCommerce giants like Alibaba’s AliPay and their largest technology corporation Tencent’s Tencent Pay.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

Let’s Put This in Context – Tencents Gaming

tencent-gaming-chinaFor context purposes, China’s Tencent gaming company created a plethora of successful acquisitions over the last few years including Riot Games for one of the most popular online games League Of Legends. This game surpassed Facebook’s market valuation in November 2017 when it became the first Asian company to break the 500 billion dollar mark.

It was also announced back in 2016 that there were more viewers watching the League Of Legends than the NBA finals. The League Of Legends esports finals were hosted in Beijing National Stadium which held a capacity of 91,000 people.

As you can see, the success of Tencent and its dominance over the global gaming industry, as well as social media, messaging, and its payment markets is very important to acknowledge. It’s the first time that any company has given the Chinese government competition within the finance sector.

Chinese Presidents Narrative Towards Crypto

Analyst Jon Creasy stated that the Chinese government will likely open its cryptocurrency market once President Xi establishes his government once again.

He states…

“Historically speaking, President Xi Jinping has been one of the largest advocates of free markets China has seen in quite some time, and I expect this trend to continue. But for now, Mr. Xi must appeal to the people who keep him in power: the Communist Party. In my opinion, banning Bitcoin exchanges is nothing short of temporary glad-handing. Supposing this is true, what should we be doing about it?”

The Chinese government continues their plans to liberate the Chinese market, beginning with the payment sector which is largely dominated by other domestic companies.

The next target market for the Chinese government could be the cryptocurrency marketplace. Blockchain projects from China like VeChain and NEO are still able to continue their developments, even though there is a temporary ban on cryptocurrency trading.

Chinese Cryptocurrencies

neo-chinese-cryptocurrencyVechain, Qtum, and NEO are multibillion-dollar projects established by development teams located in China. These 3 cryptocurrencies are some of the largest in the global marketplace, with NEO being the 9th largest with $83.7 billion valuation.

With the government support towards blockchain projects and initiatives, as well as the election of pro market economists like Yi Gang, it’s very possible that pro blockchain legislation will be released in the long term by Chinese.

The Chinese government has currently banned cryptocurrency trading, however it is highly unlikely that it will continue to be the case since the head of PBoC, Yi Gang continues to pursue his long-term initiative to liberate the Chinese markets as well as the payment and finance sectors.

Leave a Comment

Latest Crypto News

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs

Mt. Gox Begins Civil Rehabilitation – Ends BTC Selloffs Mt Gox, the bankrupt cryptocurrency exchange, has now entered civil rehabilitation proceedings according to their official announcement on June 22. According to the proceedings documentation, Nobuaki

Bloomberg-Terminal-Lists-Crypto-Index-from-Huobi

Bloomberg Terminal Lists Crypto Index from Huobi

Bloomberg Terminal Lists Crypto Index from Huobi The paid financial monitoring service, Bloomberg Terminal, has now listed the cryptocurrency exchange Huobi Cryptocurrency Index according to press release on June 21. Nine cryptocurrency trading pairs will

Stanford-University-Launches-Blockchain-Research-Center

Stanford University Launches Blockchain Research Center

Stanford University Launches Blockchain Research Center Stanford University has recently created the Center For Blockchain Research according to their Stanford Engineering website posted on June 20. The research center is supported in part by the

Sixth Largest Crypto Exchange BitThumb Hacked

Sixth Largest Crypto Exchange BitThumb Hacked

Sixth Largest Crypto Exchange BitThumb Hacked   Hackers have stolen cryptocurrencies worth $30 million from South Korea’s leading virtual currency exchange Bithumb, reported June 19. As a result all deposits and payments have been temporarily suspended. —

Cointelegraph-Launches-DApp-Aggregator-for-platform-discovery

Cointelegraph Launches DApp Aggregator for Platform Discovery

Cointelegraph Launches DAppHub Aggregator for Platform Discovery Cointelegraph announced on June 19 that that they launched a decentralized application aggregator (DApps) for analysis and easy discovery of the increasingly growing number of decentralized apps in

Binance Supports Malta Stock Exchange’s Startup Accelerator Program

Binance Backs Malta’s Stock Exchange’s Startup

Binance Backs Malta’s Stock Exchange’s Startup The Malta Stock Exchange (MSE) has announced that digital currency exchange Binance is backing its newly launched program to support fintech and crypto startups, Finance Magnates reported June 18. According to a tweet

Italian Authorities Seize Bitcoin From BitGrail

Italian Authorities Seize Bitcoin From BitGrail

Italian Authorities Seize Bitcoin From BitGrail Bitgrail, the Italian cryptocurrency exchange announced today that Bitcoin’s stored on the firm’s wallet were seized by Italian authorities according to this official announcement on June 15. The authorities

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$6,178.27
-8.14%
2
Ethereum
Ethereum
$473.66
-9.88%
3
Ripple
Ripple
$0.4951
-7.00%
4
Bitcoin Cash
Bitcoin Cash
$771.43
-11.52%
6
Litecoin
Litecoin
$85.380
-11.68%
8
Cardano
Cardano
$0.1410
-11.11%
7
Stellar
Stellar
$0.2057
-9.68%
12
NEO
NEO
$33.597
-11.02%
5
EOS
EOS
$8.760
-15.47%
10
IOTA
IOTA
$0.9914
-13.66%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World

 

Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK