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<p class="is-style-lead">The latest financial stability report from the People’s Bank of China reveals a distinct section for crypto-assets.</p> 
<p>According to the <a href="https://r.img.cctvpic.com/photoAlbum/page/20231222/2023122218161782885.pdf?spm=C73544894212.P59511941341.0.0&amp;file=2023122218161782885.pdf" target="_blank" rel="noopener">report</a> released on Dec. 22, the strategic inclusion of this section aims to bridge data gaps, alleviate fragmentation, and eradicate regulatory arbitrage while addressing the role of the Financial Stability Board (FSB) in a comprehensive paragraph focusing on the regulation of crypto assets.</p> 
<p>The report reveals that the cryptocurrency market constitutes 1% of the global financial system, emphasizing its relatively confined association with traditional finance while highlighting several potential risks associated with cryptocurrency regulatory arbitrage, citing concerns about susceptibility to hacker attacks, market manipulation, and defi governance mechanisms. </p> 
<p> You might also like: <a href="https://crypto.news/china-accelerates-cbdc-pilot-with-cross-border-precious-metals-transaction/"> China accelerates CBDC pilot with cross-border precious metals transaction </a> </p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="How Terra's stablecoin collapsed and sent shockwaves through crypto markets" width="1020" height="574" src="https://www.youtube.com/embed/G_TbX3tbP3Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>Notably, the report highlights specific instances, such as the <a href="https://crypto.news/analyst-sees-resurgent-promise-in-terra-classic/">Terra</a> ecosystem collapse and the <a href="https://crypto.news/ftx-and-bahamian-liquidators-agree-on-creditor-payout-plan/">FTX</a> exchange decline in 2022.</p> 
<p>The news comes the same day the <a href="https://crypto.news/china-accelerates-cbdc-pilot-with-cross-border-precious-metals-transaction/">People’s Bank of China</a> announced another stride forward in utilizing the country’s digital currency. According to the South China Morning Post, the Beijing-based commercial bank has successfully executed the inaugural cross-border settlement for precious metals trading using the digital yuan.</p> 
<p>At the time, the Shanghai branch of the state-owned bank facilitated the settlement by transferring $14 million in cash from an international buyer and depositing these funds as digital yuan into an account held at the Shanghai Gold Exchange.</p> 
<p> Read more: <a href="https://crypto.news/china-blockchain-identity-data-security/"> China proposes blockchain-powered identity verification </a> </p>

China’s central bank lists crypto-assets in financial stability report

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