China Flags Stablecoin Risks in Renewed Push to Rein in Crypto Activity
China has vowed to maintain a sweeping ban on cryptocurrency trading and speculation as regulators warn that such activity has resurfaced despite years of crackdowns, while also highlighting the risks posed by stablecoins.
The People’s Bank of China (PBOC) convened a coordination meeting Friday on combating virtual-currency trading and speculation, bringing together officials from law enforcement, the judiciary and the country’s cyberspace regulator, among others.
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