China's Central Bank Shakeup Dashes Hopes of Reversing Crypto Ban

Speculation that China may loosen its ban on digital asset trading has been dampened by a recent shakeup at the country's central bank. The appointment of Pan Gongsheng as the top Communist Party official at the People's Bank of China suggests policy continuity and reinforces the institution's declaration of all crypto-related transactions as illegal. Chinese officials, including Pan, have historically expressed skepticism and concerns about cryptocurrencies, with a focus on developing the digital yuan instead.