China Doubles Down on Crypto Ban as PBOC Issues Warning on Stablecoins
China’s central bank has reiterated that digital assets remain illegal in the country. It said cryptocurrencies and related business activities continue to pose financial risks and fall short of core compliance requirements.
The People’s Bank of China said the prohibition remains in force following a November 28 coordination meeting.
At the meeting, the bank reiterated that digital assets do not share the legal status of fiat currency and are not permitted as a means of payment in commercial transactions.
It added that crypto-linked business activity constitutes illegal financial activity under Chinese law.
The PBOC singled out stablecoins, saying they fail to meet standards…
