China Tightens Crypto Crackdown, Focuses on Stablecoin Risks

The People’s Bank of China (PBOC), led by Governor Pan Gongsheng, reiterated its ban on cryptocurrencies and highlighted concerns about stablecoin risks. Following a multi-agency meeting in Beijing, the PBOC emphasized its firm stance against cryptocurrencies, citing stablecoins as particularly risky due to potential money laundering activities. This action could impact Bitcoin and Ethereum trading within China, pushing transactions offshore to comply with stricter regulations.