The idea of lifting the ban on cryptocurrency in China has become widespread, with a former central bank official urging the country to review its strict crypto restrictions.Huang Yiping, a former member of the Monetary Policy Committee at the People’s Bank of China (PBoC), said he believes the Chinese government should reconsider whether the ban on cryptocurrency trading is sustainable in the long term. According to a transcript published by local financial site Sina Finance on 29 January, Huang also expressed concerns about the future of fintech in China in a speech in December. The former official stressed that a permanent ban on crypto could result in many missed opportunities for the official financial system, including blockchain. Huang also stated that crypto-related technologies are “very valuable” for regulated financial systems, noting: “Banning cryptocurrencies may be practical in the short term, but whether it is sustainable in the long term deserves an in-depth analysis. There is no particularly good way to ensure stability and function in how cryptocurrencies should be regulated, especially for a developing country, but ultimately an effective approach may need to be found. “Huang also defended the idea that Bitcoin is more like a digital asset than a currency because it lacks intrinsic value, claiming that a significant portion of Bitcoin transactions are aimed at money laundering. Huang, now a professor of economics at Peking University’s School of National Development, also admitted that China’s central bank digital currency has not been widely adopted despite its launch years ago, adding that allowing private institutions to issue stablecoins based on the digital yuan remains a “very delicate” question but that the pros and cons are worth considering.