Last updated on November 2, 2023
The new governor of the People’s Bank of China (PBOC), Pan Gongsheng, has pledged to crack down on cryptocurrency speculation in the country. In a report outlining measures to maintain financial market stability and prevent risks, Gongsheng emphasized the need to curb speculation associated with virtual currency transactions. The PBOC aims to implement prudent monetary policies, strengthen financial supervision, deepen financial reform, and ensure the stable operation of financial markets. Additionally, the regulator will intensify investigations into money laundering cases.
This announcement comes as China has already taken significant steps to restrict crypto-related activities, particularly mining, which was previously a major hotspot for such operations. The government has been actively promoting the use of its central bank digital currency (CBDC), the digital yuan, and has already conducted trials in 26 cities. The specific measures that will be taken by the PBOC to combat crypto activities are yet to be disclosed. However, with this vow to crack down on speculation, it is expected that stricter regulations and enforcement actions will be implemented in the near future.
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