Central Bank of China Appoints Anti-Bitcoin Governor As Top Communist Party Official

July 4 (Cointime) - The Chinese Communist Party has reportedly chosen a Bitcoin skeptic to be the party secretary of the central bank, potentially making him the next governor. Pan Gongsheng, the current deputy governor of the People's Bank of China (PBOC), is in charge of the Leading Group of Internet Financial Risks Remediation, which is responsible for regulating financial technology companies and clamping down on cryptocurrency use in China.

Pan has previously spoken critically of Bitcoin and supported China's crackdown on Bitcoin trading. His appointment comes at a critical time for China's economy, which is facing challenges such as slowing growth, high debt levels, and an aging population.

Bitcoin $98,281.27

-0.28%

Central Bank

Original Link

Comments

All Comments

Recommended for you

CointimeSG ·

The Agentic Economy Beyond Crypto - How AI Agents Will Change Consumer Experience

AI or personalised agents have been spoken about for years in Self-Sovereign Identity (SSI) and Decentralised Identity (DID) circles, they are imminent and will have a colossal impact on user and consumer experience. In the agentic economy, AI agents will be used to cast intents out into marketplaces (whether DeFi, travel or other) and negotiate on behalf of individuals. This will allow the creation of personalised travel itineraries, including with the use of loyalty schemes, or identifying and negotiating the best offers for a desired product or service as an example.
CointimeSG ·

This Is The Year Of Bitcoin, Not Ethereum

Also Good Performance For The Miners And The US Economy Keeps Humming Along From the 2023 bear market bottom, Bitcoin has rallied almost 500%. Breaking the $100,000 mark will likely have a significant psychological impact on investors. After 15 years and a $2 trillion market cap, even Bitcoin's strongest critics will struggle to maintain their Ponzi scheme arguments.
Chainlink ·

Chainlink Digital Asset Insights: Q3 2024

The Chainlink standard continues to see adoption across the tokenization landscape, with recent developments in Q3 underscoring how Chainlink’s decentralized infrastructure plays a pivotal role in enabling smart, scalable, and secure tokenized real-world assets (RWAs).
CointimeSG ·

Texas judge tosses out SEC's expanded 'broker' rule, which broke with 90 years of legal tradition to rope in crypto traders

A Texas court has order the U.S. Securities and Exchange Commission to throw out a controversial rule that broadly redefined the term “dealer” in a move that impacted both crypto-focused and traditional finance firms.
CointimeSG ·

Trump Media hints at crypto trading, payments in TruthFi trademark filing

The new trademark filing from Trump Media and Technology Group mentions digital wallets, cryptocurrency payment processing services, and a digital asset trading platform.
CointimeSG ·

Exness wins “Best Retail FX Broker” at Finance Magnates London Summit 2024

Exness’ participation at FMLS:24 highlights its commitment to advancing the B2B space.
Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits

Pennsylvania has passed the "Bitcoin Rights" bill, which protects the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. This move establishes Pennsylvania as a leader in digital asset regulation and demonstrates its commitment to fostering innovation in the sector while addressing issues such as economic empowerment and financial inclusion. Additionally, two Republican Representatives have introduced the Strategic Bitcoin Reserve Act, which would allow the state treasurer to allocate up to 10% of Pennsylvania's funds into bitcoin and crypto-based exchange-traded products. However, critics have raised concerns about the risks of holding bitcoin in government reserves, including extreme price volatility and security vulnerabilities, as well as environmental concerns related to bitcoin mining's energy consumption. Despite this, Pennsylvania's proactive approach to fostering a crypto-friendly environment positions the state as a model for equitable digital asset adoption and underscores the growing role of state governments in shaping the future of the digital economy.
It is reported that Trump may meet with Ripple CEO and other crypto industry representatives to discuss the formulation of US crypto policy

Ripple CEO Brad Garlinghouse recently gave an interview to Fox News and talked about his feelings regarding Trump's victory in the 24th US presidential election. There are reports that Brad Garlinghouse and other representatives from the cryptocurrency industry may meet with Trump to discuss participating in the formulation of US cryptocurrency policies. Fox News asked Brad Garlinghouse about this matter, and although it has not been confirmed, his response seemed to suggest that he would be open to it. Brad Garlinghouse said, "I won't comment too much on the details here. Throughout the entire election cycle, we have been actively supporting cryptocurrencies and innovation, and we will continue to work with more friendly government officials to get rid of current regulations through law enforcement."
EU regulators set out guidelines on restrictions for cryptocurrency providers

the European Banking Authority (EBA) is the European regulatory agency responsible for addressing weaknesses in the European banking industry. It has issued two sets of guidelines, including specific guidelines for payment service providers (PSPs) and cryptocurrency asset service providers (CASPs). On November 14th, EBA released guidelines that specify the measures that PSPs and CASPs must take when transferring funds or cryptocurrency to comply with EU and national restrictive measures. According to EBA, these guidelines ensure the implementation of EU and national sanctions. EBA believes that weaknesses in control, internal policies, and procedures may pose legal and reputational risks to financial institutions (including PSPs and CASPs). In addition, weak links in these areas for financial institutions may also "weaken" the effectiveness of the EU's restrictive measures system. The European Banking Authority emphasizes that this may lead to rule evasion, thereby affecting the stability of the EU's financial ecosystem. According to ECA, these guidelines will apply from December 30, 2025.
Cardano founder confirms he will work with Trump administration on crypto legislation

Cardano founder Charles Hoskinson has confirmed plans to collaborate with the US government under the leadership of President Trump to help formulate cryptocurrency legislation. The goal is to create a clear regulatory framework for the cryptocurrency industry, which has faced uncertainty and regulatory challenges for years. Hoskinson announced these plans in a recent speech and stated that developing positive policies regarding cryptocurrency requires support from both the Democratic and Republican parties. He stated that his company, Input Output Global (IOG), will establish a separate policy department for cryptocurrency regulation. This office will focus on developing a legislative framework that incorporates the provisions of the 21st Century Financial Innovation and Technology Act (FIT21) and the Responsible Financial Innovation Act (RFIA). He added, "I will work with legislators and the government to push for a bipartisan bill to be passed."