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.
State-linked Hua Xia Bank tokenized roughly $600 million in yuan-denominated bonds and sold them at auction exclusively to digital yuan users, marking a high-profile CBDC use case.
Chinese authorities have opened a fresh crackdown on stablecoins, tightening rules and enforcement that hit issuers and cross‑border flows. Observers warn the moves could be about control or part of a broader push that heightens geopolitical currency tensions.
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.
Fresh data show China has climbed back to the world’s No. 3 bitcoin mining position four years after its 2021 ban, as miners return attracted by cheap power and shifting policy signals. The development could reshape global hashrate distribution and prompt renewed regulatory and environmental scrutiny.
Bitcoin mining is re-emerging in several energy-rich Chinese provinces as individual and corporate miners tap cheap power and growing data center capacity, according to miners and industry data. The comeback is unfolding quietly despite China’s 2021 ban on domestic crypto mining.
The UAE, represented by Sheikh Mansour bin Zayed Al Nahyan and the Central Bank of the UAE, completed the first cross‑border CBDC payment to China using the mBridge (Jisr) network. The transaction marks an early interoperability milestone for central bank digital currencies.
Alibaba's global e-commerce division is reportedly developing a bank-supported deposit token to facilitate cross-border payments as Beijing tightens rules on stablecoins.
China’s CVERC alleges that 127,000 BTC seized by U.S. agents belonged to the LuBian mining pool rather than being criminal proceeds. Reports from Global Times and PANews have amplified the claim, prompting fresh questions about cross‑border asset seizures.