Former Governor of the People's Bank of China: It is possible to explore cryptocurrencies and blockchain technology, but the key is to adapt to user experience.

BlockBeats news, on March 27, the former Governor of the People’s Bank of China, Zhou Xiaochuan, attended the Boao Forum for Asia Annual Conference 2026 and stated that a good payment system is not a champion of a single technology or a specific performance. Just as instant payment is not necessarily good, the most important aspect is “adaptation.” He pointed out that regulation needs to combat money laundering, prevent drug trafficking, cross-border gambling, telecommunications fraud, and more. Several central bank governors mentioned at the forum that the current payment systems utilize digital currencies, but fraud also employs digital currencies, and “it’s being used quite effectively.” Zhou Xiaochuan believes that the ability to combat fraud still needs to be continuously improved.

When discussing the topic of regulatory adaptation, Zhou Xiaochuan again mentioned stablecoins. He stated that currently, the proceeds from telecom fraud are immediately split into hundreds or thousands of accounts to evade compliance checks, which means recovering losses afterward is quite difficult. “Stablecoins fundamentally bypass compliance checks, and everyone needs to think for themselves and not follow the trend.” Zhou Xiaochuan also emphasized that cryptocurrencies and blockchain technology are worth exploring, but it does not mean that “peer-to-peer” or “decentralized” are always positive. One cannot hastily conclude that using intermediary banks and SWIFT messages in the original backend systems is outdated; the key is to adapt to users’ experiences. (Caixin)