Chinese Central Banker Blasts U.S. Banks on Crypto Risks and Urges More Regulation

(Bloomberg) — A senior Chinese central bank official called for stronger regulation of digital finance, citing recent banking failures linked to U.S. lenders involved in cryptocurrency transactions.

“Risks and fraud associated with cryptocurrency, including the two American banks that ran into troubles after providing many services for cryptocurrency from taking deposits to settlement, showed that regulators should respect rules when innovating regulation,” Xuan Changneng, a deputy governor at the People’s Bank of China (PBOC), said Friday on a panel at the Boao Forum.