China Tightens Grip on Crypto & Stablecoins: No Legal Tender in Sight

China’s central bank has once again taken a firm stance against cryptocurrencies and stablecoins, reaffirming that virtual assets lack legal status within its financial system. Following a coordination meeting on November 28th, the People’s Bank of China (PBOC) emphasized that virtual assets – including cryptocurrencies and stablecoins – are not recognized as legal tender and cannot be used for market transactions. The statement follows recent assessments of digital asset market trends and associated risks to financial stability.