Former PBOC Governor Highlights Use of Cryptocurrency and AI in Modern Fraud Schemes

Deep News16:51

Former People's Bank of China Governor Zhou Xiaochuan addressed the evolving challenges in global financial governance at a major forum.

He pointed out that the emergence of cryptocurrency has facilitated significant illegal fund transfers and fraudulent activities.

Zhou noted that what was traditionally called telecom fraud has now evolved into digital schemes, utilizing cryptocurrencies for fund movement and even incorporating artificial intelligence tools.

Regarding oversight, Zhou stated that the primary existing international body focused on preventing such fraud, the Financial Action Task Force (FATF), is primarily an anti-money laundering and counter-terrorist financing organization.

He emphasized that the adequacy of its coverage for these new digital threats remains a subject of debate, highlighting this as a critical issue for international economic and financial governance to address.

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