In accordance with MarsBit, since May 2025, the U.S. and Hong Kong have accelerated stablecoin legislation, triggering a global regulatory surge. This has sparked debate in China over whether to promote stablecoin legislation and the development of RMB-based stablecoins, both onshore and offshore. Amid U.S. legislation banning the Federal Reserve from issuing digital dollars, China has opted to strengthen its digital RMB strategy while maintaining a strict ban on virtual currency transactions. On November 28, the People’s Bank of China and 12 other departments reiterated the prohibition of virtual currency trading and clarified that stablecoins fall under the same regulatory scope. The central bank has also announced plans to optimize the digital RMB’s positioning and management structure, including the establishment of international and domestic operational centers. The decision reflects a clear policy direction to prioritize digital RMB development and curb the spread of stablecoins and other virtual currencies.
China Maintains Strict Stance on Stablecoins Amid Global Legislative Surge
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