China Reasserts Crypto Ban Amid Resurfaced Speculation

China’s central bank has reignited its crackdown on crypto trading by highlighting the risks associated with stablecoins and reaffirming a ban in place since 2021. The People’s Bank of China (PBoC) stated that virtual currency speculation, which it attributes to various factors, has resurfaced and poses new challenges for risk control. The PBoC emphasized the lack of legal status for cryptocurrencies, stating they cannot be utilized as currency in the market.