🇨🇳 CHINA’S CENTRAL BANK REAFFIRMED ITS CRYPTO BAN AND WARNED IT WILL INTENSIFY ITS CRACKDOWN ON STABLECOINS.
The news caused a slump in crypto-exposed regional stocks and reaffirmed the long-term risk of using major stablecoins for activities involving mainland China, but did not immediately destabilize the global dollar-peg of the stablecoins themselves.
This move reinforces China's existing blanket ban on crypto trading and mining and signals a heightened focus on stablecoins as a key area of risk.
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🚨BREAKING:
🇨🇳 CHINA’S CENTRAL BANK REAFFIRMED ITS CRYPTO BAN AND WARNED IT WILL INTENSIFY ITS CRACKDOWN ON STABLECOINS.
The news caused a slump in crypto-exposed regional stocks and reaffirmed the long-term risk of using major stablecoins for activities involving mainland China, but did not immediately destabilize the global dollar-peg of the stablecoins themselves.
This move reinforces China's existing blanket ban on crypto trading and mining and signals a heightened focus on stablecoins as a key area of risk.
#China
#Stablecoin
#Crypto