Overview
- PBOC Governor Pan Gongsheng said existing curbs on crypto trading and mining remain in force and pledged coordinated enforcement with law enforcement agencies.
- Pan warned that stablecoins do not meet basic requirements such as customer identification and anti–money laundering, posing financial stability risks and pressuring monetary sovereignty in some economies.
- The central bank said it will closely monitor and dynamically assess overseas stablecoin developments as neighboring markets roll out regulated products.
- The e‑CNY program will widen with additional commercial banks joining as operational partners after years of pilots building a broad usage ecosystem.
- New infrastructure includes an international operations center in Shanghai for cross‑border transactions and a management hub in Beijing to oversee development, according to reports citing the central bank.