Chinese authorities have instructed local firms to stop publishing research or holding seminars on stablecoins due to concerns about fraudulent activities. Beijing aims to prevent speculative surges among retail investors to avoid potential risks associated with crypto investments.

China continues to tighten control over digital assets, requiring banks to monitor and flag risky trades involving crypto assets. However, Hong Kong is implementing a new stablecoin issuance framework, with major banks like Standard Chartered and companies like JD.com exploring stablecoin opportunities.

Yuan-based stablecoins are expected to be used exclusively outside mainland China’s borders. Chinese blockchain Conflux introduced a stablecoin backed by offshore Chinese yuan, and AnchorX received approval for its yuan-pegged stablecoin from Kazakhstan’s regulator. China is expanding its digital currency influence globally while maintaining restrictions domestically.

Read more at Cointelegraph: China Curbs Stablecoins, Halts Research and Seminars