Former governor of People’s Bank of China (PBoC) Zhou Xiaochuan and the current governor Li Bo discussed the popularity of Bitcoin and cryptocurrencies at the Boao Forum for Asia.
Li and Zhou expressed confidence in the successful leveraging of the technologies that underpin cryptocurrencies, arguing that: “We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”
Zhou went further to explain that from a consumer standpoint, it wasn’t important whether a currency is centralized or decentralized, as it essentially serves the same purpose.
He said that a digital currency would allow China to address numerous issues, including tax evasion, money laundering, trafficking, and not least – gambling.
Both Li and Zhou argued that there should be a cut-and-dry regulatory framework that allows regulators to operate unequivocally. China has been engaged in extensive cross-border tests of its digital yuan.
While some criticism has come from observers that the digital yuan does not offer the same level of anonymity as pioneering cryptocurrencies, the country has argued that it provides the type of anonymity and data safety that protects consumers.
Gambling is presently illegal in China and the country is even pursuing overseas companies.
However, there are many crypto-friendly casinos where players can still play provided they are in a jurisdiction that allows online gambling. They include 1xBit, Bitcasino, and FortuneJack.