The Chinese central bank confirmed today that it will maintain its ban on cryptocurrencies and stablecoins, reminding that these assets "have no legal status as currency" in the country.
It argues that stablecoins and other cryptocurrencies can pose significant risks to the financial system, including money laundering, fraud, and unauthorized cross-border transactions.
Despite Bitcoin mining being banned since 2021, a quiet resurgence is reported in areas of China with cheap electricity and data centers, highlighting the tension between official regulation and actual activity.
➡️ What does this mean:
The decision of #PBOC reinforces regulatory pressure in one of the largest economies in the world, a reminder that, although crypto is globally booming, not all countries adopt the same openness.
For investors and projects with international operations, it is a call to remain alert about changing regulations.