China’s Central Bank Reinforces Crypto Ban, Warns of Stablecoin Threats

China's financial authorities have issued their strongest warning against cryptocurrencies in years, signaling no softening of Beijing's hardline stance. The People's Bank of China led a multi-agency coordination meeting involving the Ministry of Public Security and Supreme People's Court, demonstrating the government's coordinated approach to suppressing digital assets.

Officials explicitly stated VIRTUAL currencies remain illegal in China, lacking legal tender status. The PBoC pledged severe crackdowns on crypto-related activities, directly addressing speculation about potential policy relaxation. This reaffirmation comes amid renewed market activity fueled by global price rallies and social media trends.

Stablecoins face particular scrutiny as authorities highlight their potential to undermine financial stability. While claiming success from the 2021 crackdown, Chinese regulators acknowledge persistent crypto market activity requiring continued vigilance.