In brief
- China’s central bank will continue cracking down on domestic crypto operations while monitoring overseas stablecoin developments.
- PBOC Governor Pan warned stablecoins “can’t meet the basic requirements like customer identification and anti-money laundering.”
- Meanwhile, Japan rolled out JPYC, the first yen-backed stablecoin, and South Korea launched KRW1, its first regulated won-backed token.
China will keep a tight grip on crypto and stablecoins while maintaining scrutiny of overseas digital asset developments, as Asian neighbors launch regulated stablecoins, a representative from the People’s Bank of China said Monday.
PBC Governor Pan Gongsheng said during a conference in Beijing that the central bank will continue…
Oct 27 2025
