Overview
- China’s central bank restated that virtual currencies lack legal tender status and declared all related business activities illegal.
- The PBOC singled out stablecoins for failing KYC and anti‑money‑laundering standards, warning of money‑laundering, fraud, and unauthorized cross‑border transfers.
- A multi‑agency coordination meeting directed stronger information sharing and close tracking of information and capital flows to intensify enforcement.
- Officials noted a resurgence in speculation since the 2021 ban, while industry data and sources report a quiet rebound in bitcoin mining in energy‑rich provinces.
- Hong Kong’s stablecoin framework remains without licensed issuers as Beijing intervened in tokenization plans, and crypto‑linked Hong Kong stocks fell following the PBOC statement.