As reported by BitcoinWorld, China’s central bank has issued a warning about a resurgence in cryptocurrency speculation, signaling a major escalation in the country’s crackdown on digital assets. The People’s Bank of China (PBOC) convened with enforcement departments to address renewed illegal crypto activities, including underground trading and offshore platforms. The PBOC reaffirmed that virtual currencies lack legal tender status and all crypto-related financial activities remain illegal. Stablecoins were highlighted as a particular risk due to gaps in AML and KYC compliance. Authorities plan to intensify monitoring and enforcement targeting underground platforms, cross-border transactions, and social media promotion. The renewed focus suggests China remains committed to maintaining strict control over its financial system and preventing capital outflows through digital assets.
China's PBOC Warns of Resurgent Crypto Speculation and Tightens Enforcement
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