China Making Plans to Crack Down on Crypto Payments and Stablecoins
Key Notes
- China is preparing new measures to restrict crypto payments and the use of stablecoins.
- Officials stress that virtual assets have no legal tender status.
- PetroChina tests stablecoin settlement models, drawing regulator scrutiny.
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.
Growing Pressure From Regulators
China’s central bank, the People’s Bank of China (PBoC), recently held talks…
