The key to crypto and blockchain technology is adapting to what users actually need.

Zhou Xiaochuan: Crypto's Value Depends on Real-World Fit, Not Just Tech

Former People's Bank of China governor Zhou Xiaochuan weighed in on crypto and blockchain at the Boao Forum. His take? These technologies are worth exploring—but the real test is whether they actually fit user needs and real-world scenarios.

A payment system's strength, he argued, isn't about a single technology or performance metric. It's about overall adaptability.

Zhou also stressed the need for stronger regulatory guardrails on anti-money laundering and fraud prevention. Digital currencies, he noted, bring payment convenience—but they're also being used in telecom scams and other illicit activities. Funds can be quickly split and moved, making them harder to track. He added that stablecoins could, to some extent, bypass compliance checks. Those risks, he said, need careful assessment.