Ex-member of the Monetary Policy Committee at the People’s Bank of China (PBoC) Huang Yiping believes that the Chinese Government should reconsider its crypto ban, arguing that it may not be very sustainable for China in the long run to remain scrutinous on cryptocurrency.

According to Huang, “banning cryptocurrencies may be practical in the short term, but whether it is sustainable in the long run deserves an in-depth analysis,” and that finding an effective approach and framework for regulating crypto remains important.

“There is no particularly good way to ensure stability and function as to how cryptocurrencies should be regulated, especially for a developing country, but ultimately an effective approach may still need to be found,” Huang said in a speech in December, according to Chinese financial website Sina Finance.

Over the past years, China’s crypto-focused initiatives were arguably contrasting. President Xi Jinping highlighted the importance of blockchain adoption in China all the way back in 2019, but the government has been banning all crypto transactions throughout 2021.

Sources:

https://cointelegraph.com/news/bank-of-china-ex-advisor-calls-beijing-to-reconsider-crypto-ban

https://www.coinspeaker.com/former-pboc-china-ban-crypto/

https://www.scmp.com/tech/tech-trends/article/3208481/chinese-economist-calls-review-rigid-cryptocurrency-ban-digital-yuan-fails-take