China’s central bank escalated its warning on stablecoins and reiterated a hard line against domestic crypto activity on Monday, with Governor Pan Gongsheng arguing that the rise of privately issued “virtual currencies”—particularly stablecoins—exposes gaps in global financial oversight and increases systemic fragility. Speaking at the opening of the 2025 Financial Street Forum in Beijing on October 27, Pan said stablecoins are still “at an early stage” but are already amplifying regulatory blind spots across borders and posing challenges to monetary sovereignty in weaker economies.

China Reaffirms Crypto Crackdown

Pan anchored his remarks in the policy debates that dominated the IMF/World Bank Annual Meetings held in Washington 10 days earlier, telling attendees that the prevailing

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