China Making Plans to Crack Down on Crypto Payments and Stablecoins
China is taking new steps to strengthen its crackdown on crypto payments as regulators warn that digital assets are once again creating risks in the country’s financial system. Officials say trading activity has resurfaced despite earlier restrictions, and they are now preparing stronger enforcement to curb the use of crypto and stablecoins in payments and transfers.
China’s central bank, the People’s Bank of China (PBoC), recently held talks with key government agencies to review the rise of virtual currency activity. The meeting included representatives from the Ministry of Public Security, the Cyberspace Administration, and several other departments.
They agreed that although the 2021 ban pushed crypto trading…
