An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial systems.

Chinese Economist Warns of Missed Opportunities Due to Crypto Ban

A former adviser to the Chinese central bank, the People’s Bank of China (PBOC), has called on the Chinese government to reevaluate its cryptocurrency ban, the South China Morning Post reported Monday.

Huang Yiping served as a member of the Monetary Policy Committee at the People’s Bank of China between 2015 and 2018. He is currently a professor of finance and economics at Peking University’s National School of Development.

While acknowledging that a cryptocurrency ban may be practical for China for the time being, the former central bank adviser stressed that the government should consider whether such policies will be sustainable in the long run. He cautioned that a permanent ban on crypto-related products could result in missed opportunities in technologies like blockchain, which are “very valuable” to regulated financial systems.

In September 2021, the Chinese government declared all crypto activities illegal, claiming that crypto disrupted the country’s economic and financial order while providing a breeding ground for criminal activity.

Despite the ongoing crackdown by the Chinese government, a…