In a significant reaffirmation of China's stance on cryptocurrencies, Pan Gongsheng, the Governor of the People's Bank of China (PBOC), addressed the issue during a recent financial conference in Beijing. According to the conclusions drawn in the analytical report, his comments come at a time when there is growing speculation about potential easing of restrictions following Hong Kong's new stablecoin licensing regime.
China's Stance on Cryptocurrency Ban
Pan Gongsheng reiterated that the ban on cryptocurrencies in China remains firmly in place, highlighting the government's commitment to maintaining strict regulations in this area. He expressed concerns over the risks associated with stablecoins, labeling them as underdeveloped and high-risk financial instruments.
PBOC's Ongoing Monitoring and Actions
The PBOC Governor also emphasized that the central bank will continue to closely monitor the situation and take necessary actions to crack down on virtual currencies within the country. This statement underscores China's cautious approach to digital currencies, despite the evolving landscape in neighboring regions.
In a contrasting move within the cryptocurrency landscape, Mastercard is reportedly in late-stage negotiations to acquire ZeroHash, a startup specializing in stablecoins. This potential acquisition highlights the growing interest from traditional financial institutions in the crypto space. For more details, see read more.
