🔥The People's Bank of China (PBoC) has just reaffirmed that all activities related to crypto on the mainland are still considered illegal: Trading, investing, token issuance, stablecoin, and mining are all completely prohibited.
📌The PBoC issued a separate warning about stablecoins, stating that this type of asset poses high risks in money laundering, illegal fundraising, and uncontrolled cross-border remittances.
📌Immediately after the announcement, many businesses and stocks related to crypto in Hong Kong witnessed strong selling pressure due to concerns over widespread policy risks.
📌 This statement is regarded as the strongest message since China issued a comprehensive ban in 2021.
📌 The new announcement reaffirming China's stance will cause international crypto companies to reconsider their plans to expand into the Asian market, particularly in the areas of stablecoins and digital financial services.
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🔥The People's Bank of China (PBoC) has just reaffirmed that all activities related to crypto on the mainland are still considered illegal: Trading, investing, token issuance, stablecoin, and mining are all completely prohibited.
📌The PBoC issued a separate warning about stablecoins, stating that this type of asset poses high risks in money laundering, illegal fundraising, and uncontrolled cross-border remittances.
📌Immediately after the announcement, many businesses and stocks related to crypto in Hong Kong witnessed strong selling pressure due to concerns over widespread policy risks.
📌 This statement is regarded as the strongest message since China issued a comprehensive ban in 2021.
📌 The new announcement reaffirming China's stance will cause international crypto companies to reconsider their plans to expand into the Asian market, particularly in the areas of stablecoins and digital financial services.