China’s Prominent Central Bank Official, Known for Criticizing Cryptocurrencies, Nominated for High-ranking Role – The Florida Star
Pan Gongsheng, a known critic of cryptocurrencies like Bitcoin and Ether, has been appointed as the leading official of the People’s Bank of China (PBOC) by the Communist Party of China. It is likely that he will ascend to the position of governor in the future. Pan is taking over from outgoing governor Yi Gang and has previously served as the deputy governor at China’s central bank. Pan joined the PBOC in 2012 and has been involved in regulating the cryptocurrency industry in China.
Pan has a long-standing skepticism toward the cryptocurrency industry. In 2017, he was quoted as saying, “If you sit by the river and watch, one day the corpse of Bitcoin will float in front of you.” He has also referenced an article by French academic Eric Pichet, which labeled Bitcoin as a bubble and a form of crazy speculation. Pan’s appointment raises questions about the potential resurgence of cryptocurrencies in China, despite some positive signs emerging from Hong Kong.
This appointment is significant because it places a known critic of cryptocurrencies in a position of power within the PBOC. Pan’s previous role in regulating cryptocurrency firms and curbing the use of cryptocurrencies in China suggests that he may continue to take actions against the industry. His appointment casts a shadow over the future of cryptocurrencies in China and raises doubts about their potential acceptance and adoption.
China has been known for its strict regulations and crackdowns on cryptocurrencies in the past. The government has banned initial coin offerings (ICOs), shut down cryptocurrency exchanges, and restricted access to foreign cryptocurrency exchanges. Pan’s appointment suggests that the Chinese government’s stance on cryptocurrencies is unlikely to change anytime soon.
Overall, Pan Gongsheng’s appointment as a leading official of the PBOC signals a continued skepticism toward cryptocurrencies in China and raises concerns about the future of the industry in the country.