China Reiterates Firm Stance Against Stablecoins
Recent statements from a high-ranking Chinese financial official have reaffirmed the nation’s consistent opposition to stablecoins and broader cryptocurrency activity. This clarification comes amidst speculation that regulatory attitudes might be softening.
PBOC Governor Dismisses Easing Rumors
Pan Gongsheng, Governor of the People’s Bank of China (PBOC), addressed the topic at a financial conference in Beijing. His comments aimed to dispel notions of an impending policy shift regarding digital assets. He emphasized that existing prohibitions, first implemented in 2017, remain firmly in place.
Hong Kong’s Licensing Regime Fuels Speculation
Earlier this year, Hong Kong introduced a stablecoin licensing framework, which became effective in August. This development led to reports of various companies, including some from mainland China, showing interest in obtaining these licenses. These actions partly fueled the notion that Beijing might be reconsidering its stringent crypto ban.
However, Governor Pan’s remarks directly countered such interpretations, indicating no intention of easing the country’s long-standing restrictions on cryptocurrencies.
Summary: China’s central bank governor has unequivocally reaffirmed the nation’s consistent opposition to stablecoins and cryptocurrencies. Despite Hong Kong’s new licensing regime sparking speculation of a potential policy shift, official statements confirm no change in China’s stringent crypto ban, which has been in place since 2017.
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