PBoC chairman Zhou Xiaochuan said the central bank will one day have a digital currency, though several requirements must be met first.
Star Xu, the founder of Chinese crypto exchange OKCoin, is sparking controversy with remarks his firm may be open to working with the government.
PBoC's governor Zhou Xiaochuan takes aim at cryptocurrency speculation in a press conference on Friday.
Yao Qian, digital currency research director at PBoC thinks a central bank digital currency should incorporate some features of cryptocurrency.
Months after China's government shut down domestic order book exchanges, the platforms that originally offered them are finding new ways to thrive.
China's central bank is considering its own digital currency, but it may not be built with blockchain technology, according a senior official.
The PBoC's Beijing division has reportedly issued a document requiring payment services to stop facilitating crypto trading activities.
The vice governor of China's central bank is reportedly seeking a wider ban on services related to cryptocurrency trading in the country.
However, regulators in China reportedly plan to withdraw preferential benefits such as tax deductions and cheap electricity available to mining firms.
The vice governor of the People's Bank of China has said that regulators took the right decision in banning ICOs and closing cryptocurrency exchanges.