As reported by Bitcoin.com, China’s top financial and law enforcement agencies convened a high-level meeting to reaffirm and strengthen the nation’s prohibitive stance on cryptocurrencies. The meeting, hosted by the People’s Bank of China, involved 13 government entities and emphasized that virtual currencies lack legal tender status and should not be used as currency in the market. Regulators warned that speculative trading has resurfaced, leading to illegal activities and new financial risks. Stablecoins were specifically highlighted for their potential misuse in money laundering and fraud. The coordination mechanism aims to enhance enforcement and regulatory policies to crack down on illegal crypto activities and protect financial stability.
China Reaffirms Nationwide Crypto Ban Amid Resurgence of Speculative Trading
Bitcoin.comShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.