Crypto adoption is a ‘huge challenge,’ says Chinese central bank exec

Cointelegraph

Published Sep 24, 2021 03:50AM ET

Updated Sep 24, 2021 07:40PM ET

The rapid adoption of cryptocurrencies like Bitcoin (BTC) poses a major challenge for the traditional financial system, an executive at the Chinese central bank has warned.

Wen Xinxiang, director of the payment and settlement department at the People’s Bank of China (PBoC), has expressed concerns over the growing popularity of cryptocurrencies and fiat-pegged stablecoins.

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