Similar to other central banks, the People’s Bank of China has taken a hit on Bitcoin (BTC), stablecoins and “private digital currencies”, claiming that they inherently have “risks that threaten financial security.”

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In a recent press conference, Fan Yifei, Vice-President of the People’s Bank of China (PBoC) since 2015, responded to a reporter’s question regarding cryptoassets. Fan said cryptoassets have become a “speculative tool” that carries “potential risks threatening financial security and social stability.” Fan added that cryptocurrency “has become a means of payment for money laundering and illegal economic activities.”

He added that stablecoins issued by some commercial entities may pose risks and challenges to the international monetary system and the payments and settlement system.

The PBoC claimed that their plans to take the next stage in their token project for next year’s Beijing Winter Olympics are in place.