Bitcoins and digital currencies are not legitimate payment instruments, says China

Bitcoins and other digital currencies are not recognized as valid payment instruments from China. To underline it is Zhou Xiaochuan , Governor of the Chinese Central Bank . The front of the institutions that welcome with coldness and skepticism the spread of the cryptomete is then widened. The executive stated during a meeting with the press that took place today:

At the moment we do not recognize Bitcoin and other digital currencies as tools similar to paper money, coins and credit cards. The banking system does not accept them.
The Governor added that China is observing with interest the blockchain and distributed ledger technology on which the cryptomena are based, while at the same time cautioning against the negative effects of their excessive and rapid proliferation.

If they spread too quickly, this could have a negative impact on consumers. They could also have unpredictable effects on financial stability and monetary policy
China has already demonstrated concretely that it wants to hinder part of the transactions carried out using cryptocurrencies - see, for example, the blocking of ICOs - but it must be said that the attitude of the Chinese Central Bank is not unanimously shared by the monetary institutions. For example, the European Central Bank has shown a more moderate attitude and wants to probe the ground by asking end users directly if they would be willing to replace traditional money with Bitcoin.