According to Yicai Global, Vice-Chairman of the people’s Bank of China (PBoC) pan Gunsan (Pan Gongsheng) speaking at the annual event devoted to financial literature, organized by the China Business News, JPMorgan Chase said that the regulator took the right decisions about the restrictions on the cryptocurrency market and prohibition ICO.
«If the regulator is not shut down bitcoin exchanges, would not have taken tough measures to ICO, and if still more than 80% of world transactions of bitcoins, and financial activity with cryptocurrency took place in China, as it was last January that it would be today? Scary to think,» said p’an Gunsan.
Vice President of PBoC believes bitcoin mania latest incarnation of financial speculation, and all the speculative madness, including as it did with the Tulip mania and the dot-com bubble, created problems for financial markets.
Gunsan sure that no one can know, how long will the speculative bubble or when it will peak. To paraphrase the British economist John Maynard Keynes (John Maynard Keynes), p’an Gunsan added:
«Thus, there is only one thing we can do is watch from the river Bank. One day you’ll see bitcoin as a corpse floats before you.»