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      People's Bank of China Reiterates Ban on Virtual Currencies and Stablecoins

      The People's Bank of China has reaffirmed its stance on virtual currencies, declaring that assets such as Bitcoin, Ethereum, and Tether do not hold legal tender status and are prohibited from being used for currency circulation. The central bank emphasized that any virtual currency-related business activities conducted within China are classified as illegal financial operations and are strictly forbidden.

      In its latest financial education campaign, the People's Bank of China clarified that domestic entities, as well as their controlled overseas counterparts, are not authorized to issue virtual currencies abroad without prior approval from relevant authorities. Furthermore, no individual or organization, whether domestic or foreign, is permitted to issue stablecoins pegged to the Renminbi outside of China.

      The central bank has urged the public to refrain from engaging in virtual currency issuance, trading, investment, or mining activities. It has also warned against high-yield investment scams and advised individuals to avoid renting out bank cards or payment accounts for virtual currency transactions. The People's Bank of China encourages citizens to report any suspicious virtual currency activities to the appropriate regulatory bodies.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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