Former Governor of the People's Bank of China: We can discuss cryptocurrency and blockchain technology, the key is to adapt to user experience

BlockBeats News, March 27th, Zhou Xiaochuan, former Governor of the People's Bank of China, attended the Boao Forum for Asia Annual Conference 2026 yesterday and stated that a good payment system is not the champion of a single technology or a single performance, just as instant payment is not necessarily good. The most important thing is "adaptation." He pointed out that regulation should focus on anti-money laundering, prevention of drug trafficking, cross-border gambling, telecom fraud, etc. Several central bank governors mentioned at the forum that the current payment system uses digital currency, but fraud also uses digital currency, and it is "quite rampant." Zhou Xiaochuan believes that anti-fraud capabilities still need to be continuously improved.

When discussing the topic of regulatory adaptation, Zhou Xiaochuan once again mentioned stablecoins. He said that as soon as the proceeds of online fraud arrive, they are immediately split into hundreds or thousands of accounts to evade compliance checks, making it more difficult to recover losses afterwards. "Stablecoins fundamentally bypass compliance checks. Everyone needs to think clearly for themselves and not follow the trend." Zhou Xiaochuan also emphasized that cryptocurrency and blockchain technology are open for discussion, but it is not correct to equate them with being purely "peer-to-peer" and "decentralized." It is also hasty to assume that using correspondent banks and SWIFT messages in the backend system is outdated. The key is to adapt to users' experience. (Caixin)