PBoC's Deputy Governor highlights financial security concerns linked to increased cross-border payments and the illicit use of virtual currencies in fund transfers.
People's Bank of China Vice Governor Lu Lei announced that Alipay and Ant International are participating in a pilot for a unified cross-border QR code payment system. He warned of systemic risks, including money laundering and terrorism financing, arising from increased cross-border capital flows. Lu also highlighted concerns over the use of cryptocurrencies and underground banks in illegal fund transfers, posing challenges to China's forex management and financial security.