Former Governor of the Central Bank of China: We can discuss the key to cryptocurrency and blockchain technology to adapt user experiences

Zhou Xiaochuan, former governor of the People's Bank of China, said when attending the Boao Forum for Asia 2026 Annual Meeting yesterday that a good payment system is not the champion of a single technology or a single performance, just like instant payment Instantpayment is not necessarily good. The most important thing is "adaptation." He pointed out that supervision should anti-money laundering and prevent drug trafficking, cross-border gambling, telecom fraud, etc. At the annual meeting of the forum, several central bank governors mentioned that the payment system now uses digital currency, but digital currency is also used for fraud, and it is "used very badly." Zhou Xiaochuan believes that anti-fraud capabilities still need to be continuously improved.<br /> When talking about the topic of regulatory adaptation, Zhou Xiaochuan once again mentioned stablecoins. He said that the proceeds of electronic fraud are now split into hundreds of accounts as soon as they arrive in the accounts, avoiding compliance checks, which means that it is difficult to recover losses afterwards. "Stable coins fundamentally bypass compliance reviews. Everyone needs to think about it yourself and don't follow suit." Zhou Xiaochuan also emphasized that cryptocurrency and blockchain technology can be explored, but it does not mean that "point-to-point" and "decentralization" are both positive, and we cannot rashly think that the original use of agent banks and SWIFT messages in the back-end system is backward. The key is to adapt to the user's feelings.