China's central bank reaffirms crypto ban, bars offshore yuan stablecoin issuance without approval
- —PBOC reaffirmed BTC, ETH and USDT are not legal tender in China
- —Offshore issuance of yuan-pegged stablecoins is banned without official approval
- —Exchange, brokerage, pricing and token issuance in China are illegal financial activities
- —PBOC urged the public to avoid crypto activity and not to lend out bank cards
Why it matters: Beijing is keeping its hard crypto ban intact and refusing to let yuan-pegged stablecoins bypass regulation, limiting the yuan's offshore reach into digital assets.
Source: TokenPost