Former Deputy Governor of the People’s Bank of China Discusses Cryptocurrencies

Wang Yongli, a former deputy governor of the People’s Bank of China (PBoC), said that China maintains a tough stance against cryptocurrencies while resolutely supporting the development of the digital yuan (e-CNY).

Wang said in a statement published on his official WeChat account that China’s monetary policy direction has now become completely clear.

Wang Yongli noted that since May 2025, the US and Hong Kong have accelerated their legislative activities regarding stablecoins and crypto assets (digital assets). He stated that during the same period, the US’s attempts to ban the issuance of the digital dollar led to the proliferation of stablecoin and crypto asset regulations globally. Wang added that these developments also sparked intense debate in China regarding whether or not to promote RMB stablecoins and whether or not to continue developing the digital yuan.

Recalling that following these discussions, the People’s Bank of China (PBoC) announced it would optimize the digital yuan’s position within the monetary system, further improve its governance mechanism, and actively support its development, Wang also drew attention to the “Coordination Mechanism Meeting on Combating Virtual Currency Transactions and Speculation” held by the PBoC with 13 institutions on November 28. He stated that at this meeting, stablecoins were defined as a type of virtual currency, and it was emphasized that the restrictive policy against virtual currencies would be resolutely continued.

According to Wang Yongli, these developments clearly demonstrate China’s two-pronged policy approach: while strongly supporting the development of the digital yuan, strict measures will continue to be taken against illicit financial activities related to virtual currencies.

On the other hand, Wang stated that it is critical to accelerate the innovative development and widespread adoption of the digital yuan both domestically and internationally. Arguing that the digital yuan should create unique advantages, especially in international payments, Wang emphasized that it is essential for China to build its own unique and successful path in the field of digital currency.

*This is not investment advice.