CHINA bans BITCOIN and issues new ban
China has just announced a new ban related to Bitcoin & stablecoin, continuing to show an extremely tough stance on the crypto market
👉 Specifically:
❌ Ban on the export of stablecoins backed by the Renminbi that have not been approved by the government
❌ Chinese enterprises & foreign subsidiaries are not allowed to issue tokens/crypto without permission
❌ Foreign-issued RMB stablecoins are considered a threat to monetary sovereignty
⛔ Bitcoin (BTC), Ethereum (ETH), USDT have no legal status, and cannot be circulated as currency
📢 The People's Bank of China (PBOC) emphasizes: this move aims to prevent money laundering, financial fraud, and protect the national monetary system.
💣 Not stopping there, internet companies are also required to cease providing services related to cryptocurrency.
🔥 China is “taking action” again, how will the crypto market respond next?
China has just announced a new ban related to Bitcoin & stablecoin, continuing to show an extremely tough stance on the crypto market
👉 Specifically:
❌ Ban on the export of stablecoins backed by the Renminbi that have not been approved by the government
❌ Chinese enterprises & foreign subsidiaries are not allowed to issue tokens/crypto without permission
❌ Foreign-issued RMB stablecoins are considered a threat to monetary sovereignty
⛔ Bitcoin (BTC), Ethereum (ETH), USDT have no legal status, and cannot be circulated as currency
📢 The People's Bank of China (PBOC) emphasizes: this move aims to prevent money laundering, financial fraud, and protect the national monetary system.
💣 Not stopping there, internet companies are also required to cease providing services related to cryptocurrency.
🔥 China is “taking action” again, how will the crypto market respond next?