China Signals Tighter Crypto Crackdown, Targeting Stablecoins and ‘Speculation’
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China‘s financial regulators are preparing to intensify their crackdown on the cryptocurrency sector. In a new statement, the People’s Bank of China warned that “virtual currency speculation has resurfaced” and is mobilizing over a dozen agencies to address the perceived risk.
The central bank explicitly targeted stablecoins, labeling them as tools for money laundering and illegal cross-border transfers due to inadequate customer identification protocols.
This move reinforces China’s 2021 ban and serves as a clear warning to participants in the underground crypto market.
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