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 China intensifies crypto ban with focus on stablecoins, citing financial risks and illegal activity.

China's central bank, the People's Bank of China (PBOC), has reaffirmed its ban on cryptocurrencies and vowed to intensify its crackdown on illegal crypto activities, with a specific warning about the financial security risks posed by stablecoins. The warning comes amid a resurgence of cryptocurrency speculation, with the PBOC stating that virtual currencies are not legal tender and all related financial activities are illegal.
Reasons for the renewed crackdown
Financial stability: Chinese authorities view unregulated digital assets as a threat to the country's financial system.

Illegal activities: The PBOC identified stablecoins as a concern due to their failure to meet anti-money-laundering (AML) and know-your-customer (KYC) protocols. It warned that stablecoins could be used for illegal activities such as money laundering, fraud, and unauthorized cross-border fund transfers.

Monetary sovereignty:The PBOC is promoting its own digital yuan (e-CNY) as a safer alternative to private digital currencies and views the rise of foreign stablecoins as a potential threat to its monetary control.
Resurging speculation: Despite the comprehensive ban implemented in 2021, the PBOC detected renewed interest in crypto trading through underground channels and offshore platforms, prompting the renewed enforcement efforts.
Enforcement actions
The PBOC will work with law enforcement to strengthen monitoring and oversight.
Authorities plan to target underground trading platforms, cross-border transactions, and social media promotion of crypto investments.
Tech giants with stablecoin plans in Hong Kong have been asked to pause their projects.
Contrast with Hong Kong
While mainland China tightens its restrictions, Hong Kong has established a regulatory regime for stablecoins. However, Beijing has ordered tech companies to halt their stablecoin plans in Hong Kong, indicating its skepticism of the region's more permissive approach.

#china
#CryptoBanDebate
#Stablecoins
#PBOC

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