The People’s Bank of China (PBOC) and seven Chinese regulatory agencies have banned the unapproved issuance of Renminbi-pegged stablecoins and tokenized real-world assets (RWAs). This ban applies to both domestic and foreign stablecoin and tokenized RWA issuers, according to the joint statement. No RMB-linked stablecoins can be issued without consent.

The ban extends to onshore and offshore versions of China’s Renminbi, known as the yuan. The Beijing crypto ban applies across all RMB-related markets, including CNH and CNY. This move is part of China’s effort to keep speculative crypto outside the formal financial system while promoting the use of e-CNY, the sovereign CBDC issued by the central bank.

The Chinese government recently approved commercial banks to share interest with clients holding the country’s digital yuan, a central bank digital currency (CBDC). In August 2025, reports suggested China was considering allowing private companies to issue yuan-pegged stablecoins. However, in September of the same year, the government restricted stablecoin and digital asset issuance.

In January 2026, the PBOC approved commercial banks paying interest to digital yuan wallets in a bid to attract investors to the CBDC. The move follows the Chinese government’s ban on unapproved issuance of stablecoins and tokenized real-world assets. This decision is part of China’s efforts to promote the use of its sovereign CBDC and keep speculative crypto outside the formal financial system.

Read more at Cointelegraph: PBOC Officially Bans ‘Unapproved’ Yuan-Pegged Stablecoins