China's central bank has declared all crypto activity illegal, explicitly including stablecoins, after a PBOC multi-agency meeting on 28 November. Authorities warned stablecoins pose a serious threat to monetary sovereignty and financial stability.
The People’s Bank of China led a Nov 28 coordination meeting with multiple state bodies to reiterate that cryptocurrency activity, including stablecoins, is illegal and poses significant financial risks. Regulators said enforcement will be aligned across agencies to strengthen supervision.
China’s central bank reiterated a hardline stance Saturday, warning of renewed speculative activity and pledging to intensify crackdowns on illegal stablecoin practices.