China’s Central Bank Reiterates Cryptocurrency Prohibition Amid Resurgent Trading Activity

The People’s Bank of China (PBOC) has issued a firm restatement of the nation’s comprehensive ban on cryptocurrency activities, citing a noticeable resurgence in speculative trading. In an official communication, the central bank declared that all virtual currency-related business remains illegal within China and pledged to intensify monitoring and enforcement measures. The PBOC specifically highlighted concerns regarding the use of stablecoins, vowing to implement a stringent crackdown on their operation to prevent financial risks and maintain monetary sovereignty. This reaffirmation underscores the unwavering stance of Chinese authorities against the decentralized digital asset sector, emphasizing ongoing regulatory efforts to suppress market participation and innovation in the space. The move signals continued regulatory hostility, likely aiming to deter domestic investors and platforms from engaging with global crypto markets.