Yi gang, which was "suddenly" been appointed as the new Manager of the people's Bank of China (PBOC) on 19 March, can soften the position of companies relative to the cryptocurrency, given its earlier expressed positive views on Bitcoin.
According to Chinese media reports, Yi spoke of Bitcoin in late 2013, when he said that cryptocurrency could not be legally recognized by the NBK in the near future, but at the same time recognized the transactional potential of bitcoin, adding that "ordinary people have complete freedom to participate in it."
In contrast to the negative position of Deputy Governor of the NBK pan Gongshen made in December 2017, when it is claimed that bitcoin is "dying", Yi said that it "inspires," and that he is likely to remain the subject of public attention for a long time.
Yi will hold the post of former NBK Governor Zhou Xiaochuan, in accordance with the decision of the national people's Congress. On March 9, Zhou said that the development of digital currency is “technologically inevitable”, but the banking system still does not accept cryptocurrencies as payment.
According to Tommy Xie, a Chinese economist at OCBC Bank in Singapore, Yi has been one of the "main drivers of China's [economic] reform for the past few years.
"Taking into account its support for economic reforms and its favorable attitude towards cryptocurrencies, the new appointment of the NBK may signal the possibility of a new regulatory approach to cryptocurrencies in China," the CoE writes.
I think a pro crypto stance by come could have huge patience impacts on the cryptocurrency markets. Hopefully this pans out. Any idea if he plans on proposing any legislation?