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Li Bin, deputy director of the State Administration of Foreign Exchange (SAFE), said the agency is closely monitoring the impact of cryptocurrencies on capital flows and plans to enhance its identification and monitoring capabilities.
Speaking at a sub-forum of the Boao Forum for Asia titled “Finding Monetary and Financial Stability in an Unstable World,” Li said it was important to understand how digital assets affect cross-border transactions. “This is a very important issue, and we will conduct in-depth research to continuously improve our monitoring capabilities,” he said.
While China has imposed strict regulations on crypto trading and mining, authorities continue to assess the sector's impact on financial stability.
China claims to be concerned about capital flight, financial stability and environmental issues, and in doing so has managed to relocate most, if not all, of its major mining operations to other regions, including the United States, Kazakhstan and Canada.
But retail investors have been able to continue using offshore services and decentralized finance (DeFi) protocols, both of which have allowed trading to continue as the regulatory environment continues to tighten.
*This is not investment advice.