China’s central bank governor has delivered a definitive rejection of speculation about easing the country’s cryptocurrency ban, confirming that existing prohibitions remain in full effect despite recent developments in Hong Kong. Pan Gongsheng’s clear statement at a Beijing financial conference dashes hopes for any near-term policy relaxation and reinforces Beijing’s continued hardline stance against crypto assets and stablecoins.
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Pan Gongsheng
4 posts last week
China’s Stablecoin Ban Tests $308B Market Resilience
As China’s central bank governor Pan Gongsheng reaffirms the country’s hardline stance against stablecoins, labeling them a ‘new source of vulnerabilities’ threatening global financial stability, the global stablecoin market has paradoxically surged to $308 billion in capitalization. This dramatic growth, occurring despite Beijing’s decade-long restrictions, raises fundamental questions about whether dollar-pegged digital assets can achieve true global scale without participation from the world’s largest fintech economy, or if China’s absence is paradoxically strengthening the market’s independence and resilience.
read moreChina Reaffirms Crypto Crackdown, Expands Digital Yuan
China has reaffirmed its stringent cryptocurrency stance while aggressively advancing its central bank digital currency, creating a stark contrast with the United States’ emerging crypto-friendly regulatory framework. As the U.S. passes the GENIUS Act to establish guidelines for dollar-pegged stablecoins, Chinese authorities warn these digital assets threaten global financial stability and monetary sovereignty, even as domestic research into stablecoins continues behind the scenes.
read moreChina Cracks Down on Crypto as Asia Launches Stablecoins
China’s central bank has reaffirmed its hardline stance against cryptocurrency operations, with PBOC Governor Pan Gongsheng declaring stablecoins fail to meet basic anti-money laundering requirements, even as neighboring Japan and South Korea launch regulated national stablecoins. This regulatory divergence underscores Asia’s fragmented approach to digital assets, with China maintaining strict domestic controls while monitoring overseas developments with growing concern.
read moreChina Launches Digital Yuan Hub to Boost Global Role
China has inaugurated a new operations center in Shanghai to accelerate the global adoption of its digital currency. The facility will focus on cross-border payments and blockchain services as part of Beijing’s broader strategy to reduce dollar dependence. This move signals China’s ambition to reshape international finance with digital yuan infrastructure.
read moreShanghai Explores Stablecoins Amid China’s Crypto Ban
Shanghai’s state asset regulator convened a study session on stablecoins and blockchain infrastructure, chaired by He Qing of the Shanghai SASAC. The meeting explored applications for state-owned firms in cross-border trade, supply chain management, and asset digitization. While China maintains its crypto ban, the session suggests a shift toward controlled experimentation with blockchain-based financial tools. Observers describe this as ‘tiered experimentation’ rather than crypto liberalization, with stablecoins viewed as sovereign financial instruments. The move aligns with growing demand for stablecoin infrastructure in Asia, as noted by Phoenix Labs CEO Sam MacPherson. Meanwhile, People’s Bank of China governor Pan Gongsheng recently acknowledged stablecoins’ potential but emphasized regulatory challenges. China’s approach combines top-down control with localized testing, reflecting a cautious yet innovative digital asset strategy.
read moreChina Expands Digital Yuan to Challenge US Dollar Dominance
China is intensifying its push to establish the digital yuan (e-CNY) as a viable alternative to the US dollar in global finance. Central bank governor Pan Gongsheng revealed plans for an international operations hub in Shanghai, signaling China’s ambition to create a ‘multipolar’ currency system. This move aligns with Beijing’s long-term strategy to reduce reliance on the dollar-dominated financial system, as discussed at the high-profile Lujiazui Forum. The initiative underscores China’s commitment to advancing its central bank digital currency (CBDC) for both domestic and cross-border transactions.
read moreChina’s e-CNY Push Aims to Challenge US Dollar Dominance
China is aggressively promoting its digital yuan (e-CNY) as part of a strategy to diversify the global currency system and reduce dependence on the US dollar. The People’s Bank of China (PBOC) is establishing an international e-CNY hub in Shanghai to facilitate cross-border transactions, supported by projects like mBridge—a collaboration with Hong Kong, Thailand, and the UAE to bypass SWIFT. However, challenges remain, including the yuan’s limited convertibility and privacy concerns over real-time transaction tracking. Simultaneously, China faces scrutiny over unregulated offshore Bitcoin sales and unclear crypto asset management policies. Ironically, while cracking down on crypto domestically, Chinese mining firms like Bitmain are expanding operations in the US, raising geopolitical questions.
read moreBitcoin Declines as Chinese Stock Market Rallies Amid Economic Stimulus
China’s recent economic stimulus has led to a significant surge in its stock markets, drawing investment away from Bitcoin, which has seen a decline from approximately $65K to around $62,622. Analysts suggest this pullback may be temporary, with potential for recovery once the stock market stabilizes, though uncertainty about the sustainability of the stock rally remains.
read moreChina’s Economic Stimulus: Insufficient Measures Amidst Deepening Crisis
Beijing’s recent economic measures, including a significant cash injection into the stock market and lowered interest rates, have sparked optimism on Wall Street. However, these actions are insufficient to address China’s core issues of weak consumer demand and a struggling property market, as many households remain burdened by real estate debt. Analysts warn that without direct stimulus to boost spending, the measures may only exacerbate existing economic challenges.
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