FX.co ★ People’s Bank of China to combat any crypto scams

Citing Pan Gongsheng, the Governor of the People's Bank of China, the monetary authorities should adhere to the principle of seeking progress while giving top priority to stability. This statement was included in the report on the financial performance of the State Council of the People’s Republic of China.

The document pinpoints several key issues that the central bank has to ingrain in its policy. Among such pillars are the pursuit of prudent monetary policy, stepping up financial control and methods of its improvement, forging ahead with financial reforms, and maintaining steady operation of financial markets.

Obeying these principles, the People’s Bank of China intends to crack down on any illegal financial activity and investment scams. Amid the crypto hype, the regulator aims to take measures against fraud schemes involving digital currencies.

The governor said that the goal of the People’s Bank of China was to stem negative trends in domestic financial exchanges and markets. Earlier, in 2021, the monetary authorities introduced tough measures against cryptocurrency mining. In parallel, the government plans to launch the digital renminbi designed by the central bank.