Yi Gang, the governor of the People's Bank of China (PBOC), has vowed to crack down on cryptocurrency speculation. In a speech at the annual meeting of the International Monetary Fund and the World Bank, Yi said that the PBOC is "paying close attention to the risks posed by cryptocurrencies" and will continue to "take steps to protect consumers and investors." Yi's comments come amid a growing crackdown on cryptocurrencies in China. In September, the PBOC banned all cryptocurrency transactions and mining. The PBOC has also warned that cryptocurrencies are "illegal" and pose a risk to financial stability.