Former Governor of the People's Bank of China: Exploring cryptocurrencies and blockchain technology is possible; the key lies in meeting user needs

SmartContractAuditor · 2026-03-27T04:15:36+00:00

Former People's Bank of China Governor Zhou Xiaochuan stated at the Boao Asia Forum that cryptocurrencies and blockchain technology should focus on user needs and real-world scenarios, emphasizing that the performance of payment systems depends on overall adaptability. He pointed out the need to strengthen regulation, especially in anti-money laundering and anti-fraud efforts, and also mentioned that digital currencies could be used for illegal activities. The compliance risks of stablecoins should also be carefully assessed.

SmartContractAuditor

2026-03-27 04:15:36

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Odaily Planet Daily reported that Zhou Xiaochuan, the former governor of the People’s Bank of China, stated at the Boao Forum for Asia that while cryptocurrencies and blockchain technology can be explored, the key lies in whether they meet user needs and real-world scenarios. He pointed out that the advantages and disadvantages of payment systems do not depend on a single technology or performance, but on overall adaptability.

Zhou Xiaochuan also emphasized that regulation needs to continuously strengthen anti-money laundering and anti-fraud capabilities, noting that current digital currencies are used for illegal activities such as telecom fraud while providing payment convenience, and funds can be quickly split and transferred, increasing tracking difficulty. He also mentioned that stablecoins may circumvent compliance review to some extent, and the related risks need to be assessed with caution. (Caixin)

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