China Tightens Grip on Digital Assets, Focuses on Stablecoin Risks

China’s central bank, the People’s Bank of China (PBoC), has reaffirmed its ban on all forms of digital assets, emphasizing the risks associated with stablecoins. The PBoC’s recent multi-agency meeting highlights how virtual currencies lack legal tender status and pose significant financial risks in market transactions. The PBoC stressed that this stance is crucial to prevent illegal activities like money laundering and fraudulent schemes.