China’s central bank reiterates digital assets are illegal, citing financial risks and non-compliance. Prohibition on cryptocurrencies and related activities remains in force. Stablecoins flagged for failing customer ID and anti-money-laundering controls. Despite global trend towards crypto integration, China maintains sweeping ban, focusing on development of digital yuan. Underground crypto activity persists in the country, with reports of ongoing virtual asset usage and 14% of global Bitcoin mining market.

Read more at Yahoo Finance: China Doubles Down on Crypto Ban as PBOC Issues Warning on Stablecoins