China Outlines Hardline Stance on Crypto Markets: Stablecoins Targeted

In a decisive move, China has clarified its stance on cryptocurrencies, issuing a stark warning about the illegality of digital assets and highlighting stablecoins as a significant threat to financial stability. Following a high-level meeting in Beijing, the country’s central bank (PBoC) issued a strong declaration that digital currencies have no legal standing within China. This message aimed to address the recent resurgence of speculative activity and emphasize its commitment to controlling the market.