Chinese central bank: ‘Stablecoins could pose risks to global financial system’

China’s central bank has reiterated concerns over cryptocurrencies, with a senior official saying today that digital currencies such as Bitcoin and stablecoins had become speculative tools and could pose threats to financial security and social stability.

Fan Yifei, a deputy governor at the People’s Bank of China, said today in a briefing that stablecoins, especially so-called global stablecoins, could bring risks and challenges to international monetary mechanisms and clearing systems.

“We’re quite worried about this issue, so we’ve taken some measures,” Fan said, without elaborating.

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