China Central Bank Vice-President: “Bitcoin and stablecoins threaten financial security”

Fan Yifei, Deputy Leader of the Central Bank of China, in a speech at the State Council policy briefing Bitcoin and made statements about stablecoins.

Stating that digital currencies are divided into two as special digital currencies and central bank digital currencies (CBDC), Yifei stated that currencies such as Bitcoin are various currencies called “stable currencies”.

Saying that these currencies have now become a speculative instrument on their own, Yifei stated that potential risks threatening financial security and social stability have begun to emerge. In addition, he stated that cryptocurrencies have become a means of payment for some money laundering and illegal economic activities and included the following terms:

The deputy leader stated that central bank digital currencies should be strongly encouraged and ensured that they are available for daily processes. He stated that the pilot implementation process of the digital yuan studies that they have already started continues, and that they will continue to expand the scope of the pilot program and increase the scope of the program.

Saying that they use the whitelist invitation procedure in their CBDC studies, Yifei stated that the number of whitelist users has reached 10 million. He also said that the next phase of piloting will be held at the Beijing Winter Olympics.

This article was originally published on Muhabbit

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