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Bitcoin Critic Pan Gongsheng Named Party Chief at People’s Bank of China

2 mins
Updated by Ryan Boltman
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In Brief

  • Pan Gongsheng, known for his anti-Bitcoin stance, is appointed as Communist Party chief at PBOC.
  • In 2017, Gongsheng supported China's ban on ICO and commented that the corpse of Bitcoin would float in the river.
  • Some believe that Gongsheng's appointment would put an end on the speculations about China lifting crypto ban.
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China’s central bank – the People’s Bank of China (PBOC), has appointed Pan Gongsheng as the Communist Party chief. Gongsheng has been anti-Bitcoin in the past. Will his appointment kill the speculations about China lifting the crypto bank?

As Hong Kong grew crypto-friendly in 2023, there were speculations that mainland China would also eventually lift up its crypto ban.

Is Pan Gongsheng’s Appointment a Wake-Up Call?

According to Bloomberg, Gongsheng’s position might result in him becoming the next governor of PBOC. He is believed to have an anti-Bitcoin stance due to one of his statements from 2017. Addressing an event in 2017, Gongsheng said:

“If you sit by the river and watch, one day the corpse of Bitcoin will float in front of you,”

While Hong Kong is welcoming crypto with a mission to become a crypto hub, there are speculations that mainland China might lift its crypto ban. Even the industry experts like Cameron Winklevoss believe the next bull run will start in the east.

Also, Tron founder Justin Sun claimed that Chinese money would drive the new crypto bull market.

Learn more about Tron here.

But as the community recalls Gongsheng’s remarks, some believe his appointment should end the speculation about Beijing embracing crypto. Bloomberg journalist Rebecca wrote on Twitter:

“Pan Gongsheng’s ascension at China’s central bank is a wake-up for those speculating Beijing might be prepared to loosen its crypto trading ban.

Got something to say about Pan Gongsheng or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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