China’s ruling Communist Party has appointed bitcoin and crypto skeptic Pan Gongsheng as the top Party official of the People's Bank of China (PBOC).
Pan, previously deputy governor at China’s central bank, will replace the retiring Yi Gang.
Pan has significant experience in the financial sector and joined the PBOC in 2012. Pan previously led the central bank’s group on internet financial risks remediation, which included regulating crypto firms and clamping down on cryptocurrency use in the country. A long-term skeptic of the industry, Pan once said at an event in 2017, “If you sit by the river and watch, one day the corpse of Bitcoin will float in front of you,” local mediaHe also cited an article by French scholar Eric Pichet which stated, “The Bitcoin bubble is just the latest incarnation of crazy speculation,” with his appointment putting a damper on hopes of a crypto revival in China, despite more© 2023 The Block Crypto, Inc. All Rights Reserved.
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