Pan Gongsheng, a well-known critic of Bitcoin BTC/USD, Ether ETH/USD and other cryptocurrencies, has been appointed as the leading official of the People's Bank of China (PBOC) by the Communist Party of China.
What Happened: Quoting a Wall Street Journal report, The Block reported that he is likely to ascend to the position of governor in due course.
Pan will be stepping into the shoes of the outgoing Yi Gang, having previously served as the deputy governor at China's central bank.
With a substantial background in the financial sector, Pan joined the PBOC in 2012.
He was also at the helm of the central bank's team focused on mitigating Internet financial risks, which involved regulating cryptocurrency firms and curbing the use of cryptocurrencies in China.
Also Read: Authorities Confirm New Rules For Singaporean Crypto Firms To Follow, Reduce Risk
Why It's Important: Pan's skepticism toward the cryptocurrency industry is longstanding.
At an event in 2017, he was quoted as saying, "If you sit by the river and watch, one day the corpse of Bitcoin will float in front of you," reported by local media.
Furthermore, Pan referenced an article by French academic Eric Pichet, which stated, "The Bitcoin bubble is just the latest incarnation of crazy speculation."
His appointment has cast a shadow over any potential resurgence of cryptocurrencies in China, despite some encouraging signs emerging from Hong Kong.
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