China has vowed to maintain a sweeping ban on cryptocurrency trading and speculation, reports Caixin. This comes as regulators warn that such activity has resurfaced despite years of crackdowns, while also highlighting the risks posed by stablecoins.
The People’s Bank of China held a rare, publicly disclosed meeting Friday on to discuss combating virtual-currency trading and speculation, bringing together officials from law enforcement, the judiciary and the country’s cyberspace regulator, among others. They also underscored Beijing’s determination to shut down digital-asset transactions it deems illegal and to close loopholes in areas such as cross-border fund flows.
Officials reiterated that virtual currencies have no legal status equivalent to fiat money and cannot be used as currency in the market. All related business activities, they said, are treated as illegal financial activities.