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PBOC Head Pan Gongsheng Targets Crypto to Boost China's Economy

Key Takeaways
  • Pan Gongsheng, the new head of China's central bank, wants to reduce crypto usage to keep the economy stable and growing
  • He proposed careful money policies and better financial oversight during a national meeting to build trust in China's financial system
  • China is testing its own digital currency, the Digital Yuan, while also planning to increase checks on money laundering to keep the financial market stable and fair
23-Oct-2023 By: Simran Mishra
PBOC Head Pan Gongsh

New PBOC Head Aims to Curb Crypto for Economic Stability and Growth

The new governor of the People’s Bank of China (PBOC), Pan Gongsheng, has expressed a strong commitment to curbing crypto speculation in the country. This announcement came as part of a wider strategy to uphold financial stability and stimulate continued economic growth.

PBOC's Broader Financial Stability Measures

Gongsheng’s declaration was made during a meeting of the Standing Committee of the 14th National People’s Congress. In his address, he shared some main points about what the People's Bank of China (PBOC) should focus on. He talked about being careful with money policies, improving financial oversight, and making significant changes to the financial system. These measures are important for building people's trust and confidence in China's financial system, especially especially when the world's economy is shifting.

In his speech, Gongsheng mentioned that the central bank is planning to take strong action against illegal financial activities and unauthorized fundraising. A big part of this action will be aimed at stopping virtual currency transactions within the country, as they are seen as a financial risk.

Since July, Gongsheng has been leading the PBOC (People's Bank of China) with a goal of finding a good balance between moving forward and keeping things stable. This balance is really important because it helps avoid financial problems and encourages people in China to buy more. This buying helps keep the economy growing steadily.

In parallel to these measures, China is testing its own digital money, called the Digital Yuan, in 26 cities. This is part of China's bigger plan to keep control over its money and help grow a safe and well-managed digital economy.

Additionally, Gongsheng said that the People's Bank of China (PBOC) will increase its checks on money laundering to keep the market fair and safe. The main aim is to stop risks from spreading across China's stocks, bonds, and foreign exchange markets, making sure the financial scene remains stable for the country's busy economy.

Also read - Who is Bitcoin Inventor Satoshi Nakamoto? It’s Not Hal

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