BEIJING / LONDON (IT BOLTWISE) – China is again tightening its measures against cryptocurrencies after speculation in the area increased again. The country’s central bank has identified stablecoins as a particular risk and plans to step up monitoring and crackdown on illicit financial activities. These developments could have far-reaching implications for the global crypto market.
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China has reaffirmed its stance on cryptocurrencies and plans to tighten measures against digital currency trading. The country’s central bank, the People’s Bank of China, noted in a statement that speculation in virtual currencies has increased again, posing new challenges for risk control. Cryptocurrencies have no legal status in China and cannot be used as a means of payment, the bank said.
The focus is particularly on stablecoins, which are classified as a risk by the central bank. According to the bank, these digital currencies do not meet legal requirements and are often used in criminal activities. Stablecoins could be misused for money laundering, fraud financing and illegal cross-border money transfers, which could threaten financial stability.
The Chinese government has already banned cryptocurrency trading and mining in 2021 to curb criminal activity and protect the financial system. Despite these measures, China still has a significant share of global Bitcoin mining, according to reports. The central bank plans to step up surveillance and increase cooperation between various authorities to crack down on illegal activities.
As China tightens its measures, Hong Kong has recently started issuing licenses for stablecoin issuers. This development shows the different approaches within the region and could have implications for the global crypto industry. However, some tech companies have paused their plans to launch stablecoins in Hong Kong after Chinese regulators intervened.
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