Norman Chan, Chief Executive, Made The Announcement on Friday
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As Bitcoin attracts more and more investors into the digital currency, there remains concern over what effect potential new government regulation could have on the value of Bitcoin. That concern was put to rest in Hong Kong on Friday as Norman Chan, the Chief Executive of the Hong Kong Monetary Authority broke the news that the HKMA has decided not to regulate Bitcoin.
Bitcoin Examiner has more details on the decision by the Chinese Banking Regulatory Commission and the Hong Kong Monetary Authority (HKMA) not to regulate Bitcoin:
“The Chinese Banking Regulatory Commission and the Hong Kong Monetary Authority (HKMA) won’t regulate Bitcoin. The last time Bitcoin Examiner talked about this possibility, the commission was still looking into regulation and possible framework. However, the HKMA has publicly announced, in the meantime, that Bitcoin doesn’t belong to its jurisdiction.
The information was revealed this Friday (15) by the authority’s chief executive, Norman Chan, quoted on Geek Empire through an article published by Brian Cohen. While this Hong Kong institution has the responsibility of “promoting the stability and integrity of the financial system, including the banking system”, it won’t be tackling Bitcoin regulation.
According to Norman Chan, the term money is not appropriate when describing a virtual good such as Bitcoin, which is deeply affected by price fluctuations. The authority’s chief executive says cryptocurrency “is not stable as a medium of payment”, although there are people investing in it, the site Takung.cn reports.”
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