Derived from PANews, China has clearly outlined its policy to accelerate the development of digital yuan while strictly curbing virtual currencies, including stablecoins. This decision is driven by considerations of China's global leadership in mobile payments, digital yuan, and the need to safeguard monetary sovereignty and financial stability. In response to global trends, such as the U.S. and Hong Kong advancing stablecoin legislation, Chinese authorities have reaffirmed their prohibition on virtual currency transactions and emphasized the illegal status of stablecoin issuance and trading. The People's Bank of China has also optimized the digital yuan's positioning and management structure to promote its growth.
China Resolutely Bans Stablecoins Amid Push for Digital Yuan Development
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