China Tightens Control of Virtual Currencies, Promoting Digital Yuan

China’s central bank, the People’s Bank of China (PBOC), has reaffirmed its stance against virtual currencies, emphasizing their illegality and risks. The PBOC’s recent meeting underscored the lack of legal status for these assets, including stablecoins, which are also being heavily targeted. This clampdown is expected to shift financial activities towards the government-backed digital yuan, potentially reshaping China’s monetary landscape. ]