China Taking Measures Against Group of Altcoins, Says They Could Endanger Global Monetary System: Report

China Taking Measures Against Group of Altcoins, Says They Could Endanger Global Monetary System: Report


China is sounding the alarm on crypto assets that are pegged to fiat currencies. The country’s leading banking official says that such stablecoins pose a risk to the global monetary and payments system, according to a CNBC report.

The report quotes the deputy governor of the People’s Bank of China (PBoC), Fan Yifei, who says that ‘some measures’ have been taken to contain the ‘risks and challenges’ posed by privately issued global stablecoins.

 

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“Some commercial organizations’ so-called stablecoins, especially global stablecoins, may bring risks and challenges to the international monetary system, and payments and settlement system, etc. We are still quite worried about this issue, so we have taken some measures.”

The report further states that the PBOC’s deputy governor views decentralized cryptocurrencies as speculative financial instruments that could destabilize financial security and society at large.

“These [digital] currencies have themselves become speculation tools. [They are potential threats to] financial security and social stability.”

Yifei’s statement coincides with

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