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- The PBOC has not commented on Pan’s current position regarding cryptocurrencies and the ongoing ban on digital assets.
- Pan’s appointment reflects the central bank’s persistent resistance to cryptocurrencies.
The recent restructuring at the People’s Bank of China (PBOC) has diminished hopes for a change in China’s ban on digital asset trading, which has been in place since September 2021. Nevertheless, Bloomberg observes that the appointment of Pan Gongsheng, an experienced leader within the Communist Party, signifies a commitment to maintaining existing policies.
Pan’s selection has brought renewed focus to his contentious remarks made during a previous crackdown on cryptocurrencies, including a forecast from 2017 that Bitcoin would ultimately fail.
Continued Opposition to Crypto
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Despite this, the PBOC has not addressed Pan’s current views on cryptocurrencies or the future of China’s ban on digital assets. The China Economic Daily, which serves as the Communist Party’s voice, suggested last year that stricter regulations on NFTs (referred to as “digital collections”) may be forthcoming.
Bloomberg analyst David Qu is among those who assert that the PBOC’s choice of Pan illustrates the central bank’s ongoing opposition to cryptocurrencies. He notes that mainland Chinese citizens regard Hong Kong as an international market, making developments there relatively insignificant. Historically, governors of the PBOC have not endorsed cryptocurrencies.
As the government emphasizes the development of the digital yuan, even senior officials outside the central bank express doubts about cryptocurrencies. The e-CNY, or digital yuan, made significant progress at the beginning of the year with the launch of the beta version of its app for iOS and Android.
Some speculate that China might ease its ban on cryptocurrencies due to Hong Kong’s favorable stance towards crypto. Hong Kong has clearly expressed its ambition to become a global hub for cryptocurrencies through its regulatory framework.
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