China’s Renewed Crackdown On Crypto Will Only Harm Local Traders And Investors
In early February 2026, Chinese regulators (again) escalated their long-standing opposition to cryptocurrencies by issuing a joint statement from the People’s Bank of China (PBOC) and seven other agencies. The directive reportedly bans unauthorized offshore issuance of yuan-linked stablecoins and imposes strict vetting on tokens backed by onshore Chinese assets, reiterating that virtual currencies lack legal tender status and that related business activities are deemed illegal financial operations.
This move builds on a pattern of prohibitive measures, aiming to curb speculation amid rising global crypto adoption.
China‘s history with digital assets reveals a trajectory of escalating restrictions.
Initial concerns emerged in…
