Former Governor of the People's Bank of China, Zhou Xiaochuan: Exploring cryptocurrencies and blockchain technology is possible; the key is to adapt to user experience.

Deep Tide TechFlow News, March 27 — According to Caixin, Zhou Xiaochuan, former governor of the People’s Bank of China, said at the Boao Asia Forum 2026 Annual Conference that a good payment system is not just about being a champion in a single technology or feature. Just like instant payments are not necessarily good, the most important thing is “adaptability.” He pointed out that regulation should focus on anti-money laundering, preventing drug trafficking, cross-border gambling, telecom fraud, and other crimes. Several central bank governors at the forum mentioned that current payment systems use digital currencies, but fraud also uses digital currencies, and “it’s quite serious.” Zhou Xiaochuan believes that the anti-fraud capabilities still need continuous improvement.

When discussing regulatory adaptation, Zhou Xiaochuan again mentioned stablecoins. He said that now, when online fraud proceeds are received, they are immediately split into hundreds or thousands of accounts to evade compliance checks, making it difficult to recover losses afterward. “Stablecoins fundamentally bypass compliance review, so everyone needs to understand this and not follow the trend blindly.” Zhou Xiaochuan also emphasized that cryptocurrencies and blockchain technology are open for discussion, but they are not necessarily positive just because they are “peer-to-peer” or “decentralized.” It is also wrong to hastily think that using proxy banks or SWIFT messages in backend systems is outdated. The key is to adapt to the user experience.