As reported by Cryptofrontnews, China has reaffirmed its stance that Bitcoin, other cryptocurrencies, and stablecoins are not legal tender and their use for payments or business is illegal. The central bank warned that rising crypto activity is linked to scams, crime, and financial risks, prompting plans for stricter oversight and enforcement. A high-level government meeting involving multiple agencies emphasized the need for stronger coordination to monitor and regulate the sector, while aligning with broader political directives.
China Reiterates Ban on Bitcoin, Crypto, and Stablecoins, Warns of Financial Risks
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