China is infamous for its unfriendly stance towards cryptocurrencies, and especially ICOs. The unstoppable wave of regulations in the country has caused and continue to cause serious effects in the crypto market.
Last year, the country shook the market by banning ICOs and cryptocurrency exchanges. This year, the regulations continued as the government also banned access to foreign exchanges. Now, amid these attempts to control the market and the industry in the country, rumors of the People’s Bank of China adopting of Ripple are coming to light.
Last year, representatives from the PBoC visited Coinbase and Ripple as a research delegation. The purpose was to discuss the significant issue of cryptocurrency. Local news outlet Sohu reported that the visit to various San Francisco fintech startups was part of a mission to understand US approaches to blockchain regulation.
Through this mutual communication, the delegation members reached a number of effective and valuable conclusions [on fintech regulatory approaches].
Ripple’s official Twitter account also mentioned the delegation’s visit.
— Ripple (@Ripple) August 28, 2017
Rumors of Chinese acceptance
However, since then Ripple and the PBoC have been silent. But yesterday, a redditor named Panosmek posted a link to an article on the website Coinsforest. The article talks about the People’s Bank of China announcing a fintech project using Ripple technology:
The bank revealed that it will incorporate Ripple technology into international settlement in the future.
Although only rumors, for now, such plans would not be completely far-fetched, since other Asian banking giants are also adopting Ripple’s technology into their processes. Do you believe the PBoC will adopt Ripple’s solutions? Leave your opinion in the comments!