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China Maintains Sweeping Crypto Ban, Flags Stablecoins China’s central bank has re-emphasized that cryptocurrencies remain illegal within its jurisdiction The PBOC said stablecoins especially fail to meet identification and anti–money-laundering standards Despite the sweeping ban, underground crypto usage and mining continue to operate within the country
China Escalates Crypto Crackdown, Flags Stablecoins as Key Risk "Stablecoins are a form of virtual currency and currently cannot effectively meet requirements for customer identification and Anti-Money Laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers,” the bank stated