Former Governor of the People's Bank of China, Zhou Xiaochuan: Exploring cryptocurrencies and blockchain technology is possible; the key is to adapt to user experience.

Deep Tide TechFlow News, on March 27, according to Caixin, former People’s Bank of China Governor Zhou Xiaochuan attended the Boao Asia Forum 2026 Annual Conference and stated that a good payment system is not just a champion of a single technology or performance aspect. Just like instant payments are not necessarily good, the most important thing is “adaptability.” He pointed out that regulation should focus on anti-money laundering, preventing drug trafficking, cross-border gambling, telecom fraud, and other crimes. During the forum, several central bank governors mentioned that current payment systems use digital currencies, but fraud also involves digital currencies, and “it’s quite serious.” Zhou Xiaochuan believes that the anti-fraud capabilities still need continuous improvement.

When discussing regulatory adaptation, Zhou Xiaochuan again mentioned stablecoins. He said that now, when cyber fraud proceeds are received, they are immediately split into hundreds or thousands of accounts to evade compliance checks, making it difficult to recover losses afterward. “Stablecoins fundamentally bypass compliance review, so everyone needs to understand this and not follow the trend blindly.” Zhou Xiaochuan also emphasized that cryptocurrencies and blockchain technology are open for discussion, but they are not necessarily “peer-to-peer” or “decentralized,” which are positive aspects. It is also wrong to hastily think that using proxy banks and SWIFT messages in backend systems is outdated; the key is to adapt to the user experience.