As per 36 Crypto, China’s People’s Bank of China (PBoC) reaffirmed the illegality of digital asset operations in the country, with a particular focus on the risks associated with stablecoins. The PBoC highlighted concerns over money laundering, fraudulent fundraising, and illegal cross-border transfers linked to stablecoins, emphasizing the need for stricter regulation. The central bank reiterated that virtual currencies lack legal tender status and cannot be used as market currency, and it will continue to crack down on related illegal activities. The statement followed a multi-agency meeting involving thirteen government agencies, which noted the effectiveness of recent measures in curbing digital asset speculation since the 2021 ban. Despite the crackdown, China continues to advance its digital yuan initiative, with over 225 million personal wallets now active in the pilot program.
China's Central Bank Reaffirms Digital Asset Ban, Warns on Stablecoin Risks
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