China Cracks Down on Resurfacing Crypto Trading, Focuses on Stablecoins

Despite a 2021 ban, China’s central bank has warned that cryptocurrency trading is back with new challenges emerging. The People’s Bank of China (PBoC) specifically targets stablecoin usage as illegal financial activity due to their lack of legal standing and potential for criminal exploitation. The PBoC emphasizes the need for enhanced monitoring and enforcement to combat this resurgence.