- Pan Gongsheng headed one branch of management
- And could become central bank governor in the future
- This reduces the chances that the Middle Kingdom will turn toward crypto
The People’s Bank of China (NBK) has appointed a new figure to high office. He was Pan Gongsheng, a famous crypto-skeptic. Here’s one of his famous quotes:
“Sit by the river and watch, one day the corpse of Bitcoin will float before you.”
Pan also quoted French scholar Eric Pichet as saying that “bitcoin is just a bubble to embody crazy speculation.”
Mr. Gunsheng has worked at NBK since 2012. He lobbied for laws that led to a ban on mining and trading in China.
Pan also chaired a working group at the Central Bank that fought financial risks on the Internet. The group has worked to block blockchain firms and prevent the use of cryptocurrency in China, among other things.
Boomberg journalists believe the new high-profile post is preparation for Pan’s appointment as governor of the central bank.
The news has diminished investors’ hopes for a crypto revival in the Middle Kingdom. However, the country chose the special region of Hong Kong as a “sandbox” for its experiments. A new bill regulating cryptofirms has recently begun to take effect here. Although the law is primarily aimed at protecting investors, it’s great progress for China.
Yesterday, Hong Kong launched a task force for blockchain development. There will be representatives of government and business. The goal of the group is to introduce WEB3 into all areas of life.