The People’s Bank of China (PBoC) has addressed cryptocurrency regulation and decentralized finance (DeFi) in its latest financial stability report, emphasizing the need for global efforts to establish crypto rules. The report, published on December 22, highlights that the cryptocurrency market accounts for 1% of the global financial system, with limited connections to traditional finance. The PBoC calls for a coordinated approach among different countries, urging the application of “same business, same risks, same supervision” to avoid regulatory arbitrage.
This move comes several years after mainland China implemented a major ban on cryptocurrencies in 2017. The PBoC’s 2021 measures included stronger coordination to crack down on crypto activities despite the ban. The report mentions potential risks such as hacker attacks, market manipulation, and concerns related to DeFi government mechanisms. The PBoC specifically refers to incidents like the Terra ecosystem collapse and the fall of FTX exchange in 2022, emphasizing the need to manage regulatory fragmentation and eliminate supervision arbitrage.
By FCCT Editorial Team
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