Ahmet Bedirhan Arvas 
The Governor of the People’s Bank of China, Pan Gongsheng, in his recent statements, emphasized that China will display a firm stance regarding cryptocurrency transactions, and they will take serious measures against speculation and illegal financial activities. Pan shared an important report on the state’s financial operations in his presentation at the sixth session of the Standing Committee of the 14th National People’s Congress.
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Pan Gongsheng, stated that the People’s Bank of China will adopt a prudent monetary policy. He also stated that strict pressure would be applied against illegal fund collection and money laundering activities, emphasizing that financial activities should be conducted under the appropriate licenses.
The Governor announced a five-point plan to reduce financial risks. This plan aims to strengthen the robustness of the financial system, focusing on risks associated with “fake gold exchanges” and third-party asset management companies. It also includes strict controls against illegal fundraising activities and a comprehensive study on local virtual currency transactions.
Pan’s statements came at a time when China is increasing its pressure against cryptocurrency trading and mining activities. Despite banning local cryptocurrency exchanges since 2017, some investors continue their activities through overseas platforms or peer-to-peer transactions.
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