China’s Central Bank appoints Bitcoin skeptic and the deputy governor of PBOC Ban Gongsheng as the committee’s secretary of the Communist Party of Chinese Republic.
He is in charge of the Internet Financial Risk Improvement Leadership Group, which controls fintech businesses and limits the usage of cryptocurrencies in China.
In 2012, Ban was appointed as the People’s Bank of China’s deputy governor after serving for a significant state-owned bank. Additionally, he has been the State Administration of Foreign Exchange (SAFE), which oversees and administers foreign exchange, Director General since 2016. Mr. Pan, who is currently 59 years old, has extensive knowledge of the Chinese financial industry and has previously conducted research at Harvard University and Cambridge University in the UK.
The nomination of Mr. Pan will be required for ensuring the continuation of China’s monetary policy as Guo Shuqing, the party committee secretary of the People’s Bank of China, and the deputy secretary (who is also chaired by Yi Gang), will retire. It is said to be beneficial. Additionally, the position of central bank governor and party committee secretary had previously been divided at the top; but, if Ban is chosen as the governor, the position will be unified and the command structure will become stronger.
Pan also cited a piece by the French academic Eric Pichet, who referred to the bitcoin boom as
“The latest embodiment of crazy speculation.
” Pan’s appointment has dashed dreams of a crypto renaissance in China, despite further encouraging signs coming out of Hong Kong.
Mr. Ban, who has been referred to as the next president, is renowned for holding a negative opinion on Bitcoin.
According to a local media report from 2017, he said, “If you sit by the river and watch, one day you will come across the corpse of Bitcoin drifting in front of you.” In addition, he supported China’s regulatory limits on crypto-assets (virtual currencies), claiming that he was “a little scared” regarding what would occur if such regulations weren’t in place.
In other news last year, the Hong Kong government took a significant step to assist the cryptocurrency sector. From June 1 of this year, new virtual currency exchange rules will be in effect. They announced the formation of the Web3 Development Promotion Task Force on June 30.
