Interesting what came out of the press conference by Pan Gongsheng, governor of the People's Bank of China. He reiterated that they will continue to tighten restrictions on illegal financial activities, including cryptocurrency speculation. Basically, the message is clear: no tolerance on this front.

What stands out is that despite regulatory pressure, Pan also emphasized that the main financial risks are currently under control. So on one hand, there is a tough stance on crypto, and on the other, a certain stability in the broader financial system. It’s the classic approach of Chinese authorities: strictly controlling certain sectors while maintaining overall fiscal and monetary stability.

His statements come during the Fourth Session of the 14th National People's Congress, a time when authorities tend to review the economic situation and clarify policy priorities. International media will probably amplify the focus on crypto restrictions, but the broader context is that of a government aiming to maintain order in financial markets without creating instability.

For those following the crypto market, the takeaway is always the same: China will continue to be restrictive on this issue. It’s not new, but it’s good to keep in mind when assessing market movements.