Local media report the central bank is exploring a regulatory framework to let licensed banks offer cryptocurrency and stablecoin services, a move analysts say could widen public access to digital assets.
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 IMF cautions that while stablecoins can widen access to financial services, their rapid growth risks weakening central banks’ monetary control and influence. Policymakers are urged to strengthen regulation and international coordination to protect monetary sovereignty.
At Binance’s Blockchain Week in Dubai (Dec. 3–4), Ripple CEO said stablecoins are gaining recognition, signaling growing institutional and regulatory attention. His remarks highlight potential momentum for on‑chain payments and firms working with fiat‑linked tokens, including XRP.
Representative Stephen Lynch pressed Fed governor Michelle Bowman about remarks she made on digital assets at a November conference in Madrid, sparking a heated exchange as lawmakers debated oversight. The hearing highlighted growing congressional frustration over regulatory gaps for stablecoins.
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.
Fed Governor Michelle Bowman said regulators are preparing new rules aimed at banks and stablecoins, flagging tighter oversight to address risks and regulatory gaps. The announcement points to forthcoming policy moves that could reshape how banks interact with stablecoin issuers.
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.
Ruling and opposition parties in South Korea have struck a landmark agreement on a digital asset law that includes a regulatory framework for stablecoins, with lawmakers targeting parliamentary approval in January. The framework aims to clarify issuance rules, reserve requirements, and oversight to boost investor protection and market stability.
China’s central bank reiterated a hardline stance Saturday, warning of renewed speculative activity and pledging to intensify crackdowns on illegal stablecoin practices.