China Set to Ramp Up Crackdown on Cryptocurrencies, Stablecoins Among Targets: Report

China to Step Up Crackdown on Cryptocurrencies Amid Rising Speculation

China has reiterated its firm anti-crypto stance, pledging to intensify measures against speculation in virtual currencies, according to China Daily.

Officials from the People’s Bank of China (PBOC), Ministry of Public Security, and Central Cyberspace Affairs Commission stressed that cryptocurrencies are not legally recognized as money and cannot be used in markets. All related activities are considered illegal financial operations, they said at an inter-agency meeting on Friday.

The authorities expressed concern over a recent surge in speculative trading, citing heightened financial risks. While Beijing has consistently targeted both crypto mining and trading, China has nonetheless re-emerged as the world’s third-largest bitcoin (BTC) mining hub.