Bitcoin’s worst nightmare? Crypto-skeptic Pan Gongsheng to lead China’s central bank

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Pan Gongsheng, a well-known critic of Bitcoin BTC/USD, Ether ETH/USD and other cryptocurrencies, has been named a top official of the People’s Bank of China (PBOC) by the Communist Party of China.

What happened: Citing a Wall Street Journal report, The Block reported that he is likely to take the governorship in due course.

Pan will take the place of the outgoing Yi Gang, after serving as vice-governor of the Central Bank of China.

With a strong background in the financial industry, Pan joined PBOC in 2012.

He was also the head of the central bank’s team focused on internet financial risk mitigation, which involved regulating cryptocurrency businesses and limiting the use of cryptocurrencies in China.

Also Read:Authorities Confirm New Rules for Singapore Crypto Firms to Follow Reduce Risk

Why it matters: Pan’s skepticism of the cryptocurrency industry is long-standing.

At a 2017 event, he reportedly said, “If you sit by the river and watch, one day Bitcoin’s corpse will float past you,” local media reported.

Additionally, Pan referenced an article by French academic Eric Pichet, who said, “The Bitcoin bubble is just the latest incarnation of wild speculation.”

His appointment cast a shadow over any potential cryptocurrency resurgence in China, despite some encouraging signs emerging from Hong Kong.

Read Next: South Korea Revises Crypto Regulation Laws, OKs Virtual Asset User Protection Act

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Photo via Shutterstock.

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