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China central bank vows crackdown on virtual currency, flags stablecoin concernswww.reuters.com/sustainability/boards-policy-regulation/chinas-central-bank-vows-crackdown-virtual-currency-flags-stablecoin-concerns-2025-11-29
687 sats \ 5 comments \ @Coinsreporter 2h econ
"Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender in the market," the PBOC said in a statement, adding that virtual currency-related business activities are "illegal financial activities."
The central bank specifically highlighted concerns about stablecoins, saying they fail to meet requirements for customer identification and anti-money-laundering controls.
It warned that stablecoins risk being used for illegal activities including money laundering, fraud, and unauthorized cross-border fund transfers.
The central bank said it will "intensify efforts to combat related illegal financial activities" and "to maintain economic and financial stability."
China keeps banning VCs suggests it has failed to do so. I find it ridiculous that top economists sitting on the top positions of such authorities don't understand that they can't ban the thing that's better and beyond their control. I also think they refuse to accept the truth for the sake of their jobs, or maybe they are just literate stupide.
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2 sats \ 3 replies \ @Undisciplined 2h
Chinese friends of mine have told me that the government doesn't really care that some people get around the various technology bans as long as most are afraid to try.
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2 sats \ 1 reply \ @spiderman 1h
Those some people are often parts of the CCP apparatus. The government would turn a blind eye initially but will use this if there is a purge necessary.
Regardless, a good thing as Chinese capital control prevents their own people from acquiring bitcoins and keeps them perpetually behind.
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10 sats \ 0 replies \ @Solomonsatoshi 1h
China is beating the west in most areas of economic and technological development.
It is naive to assert that the Chinese mixed model economy is inferior to the wests crony capital model where governments have become subservient to wealthy corporate banking lobbies.
Australia’s Strategic Policy Institute, a think tank, believes China has overtaken America in cutting-edge research in 57 out of 64 technology areas it tracks.
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0 sats \ 0 replies \ @Solomonsatoshi 1h
Just as most western governments and the fiat bankers who direct them don't care if a few people use Bitcoin for MoE as long as most don't.
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0 sats \ 0 replies \ @Solomonsatoshi 1h
Bitcoin and other VCs reduce the states monetary leverage. They offer advantages for individuals to evade tax and other regulatory controls like capital movement. The question really is how important you regard the states role in an economy and China considers it as vitally important whereas the west has in recent decades adopted a more neoliberal - libertarian approach- however Chinas mixed model is actually beating the western model on many fronts.
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