chinacentralbank

⚡️JUST IN: 🇨🇳 China Central Bank says it will promote the international use of the #Yuan.

#ChinaCentralBank #Yuan

China's central bank, the People's Bank of China (PBoC), has restated its ban on virtual currencies after a multi-agency meeting on November 28, 2025. The PBoC specifically identified stablecoins as major financial risks, including possible use for money laundering, fraud, and illegal cross-border transfers.

Key takeaways from the meeting:
Reiteration of illegality: The PBoC confirmed that virtual currencies do not have the same legal status as fiat currency. All crypto-related business is considered illegal financial activity. This reinforces the ban on cryptocurrency trading and mining that started in 2021.
Targeting stablecoin risks: Officials showed concern that stablecoins do not meet key anti-money-laundering (AML) and know-your-customer (KYC) standards. They also noticed a rise in speculative activity involving digital assets.
Coordinated enforcement: The meeting included representatives from various government agencies, indicating a stronger effort to combat illegal crypto activities. Authorities will boost enforcement to ensure financial stability.
Impact on Hong Kong: While Hong Kong has a different regulatory approach to digital assets, Beijing has taken steps to limit some activities there. For example, Chinese tech companies have been asked to pause stablecoin and tokenization projects in Hong Kong.
Focus on digital yuan: Even with the ban on private cryptocurrencies, China continues to promote its state-backed digital yuan (e-CNY) initiative.
#stablecoin #ChinaCentralBank