PBoC emphasises stablecoins are illegal in China
Bank reiterates virtual currency ban and says pegged assets fail to meet identity and AML requirements
China’s central bank has reiterated that stablecoins are illegal in the country, and pointed to the “chaos” in the digital currency markets.
In a statement on November 29, the People’s Bank of China said it had convened officials from the country’s security, legal, financial regulatory, development and other agencies for a meeting to discuss efforts to crack down on the speculation that had recently emerged in virtual currencies. The PBoC said these efforts had been effective, but that
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