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China central bank vows crackdown on virtual currency, flags stablecoin concernswww.reuters.com/sustainability/boards-policy-regulation/chinas-central-bank-vows-crackdown-virtual-currency-flags-stablecoin-concerns-2025-11-29
788 sats \ 13 comments \ @Coinsreporter 29 Nov econ
"Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender in the market," the PBOC said in a statement, adding that virtual currency-related business activities are "illegal financial activities."
The central bank specifically highlighted concerns about stablecoins, saying they fail to meet requirements for customer identification and anti-money-laundering controls.
It warned that stablecoins risk being used for illegal activities including money laundering, fraud, and unauthorized cross-border fund transfers.
The central bank said it will "intensify efforts to combat related illegal financial activities" and "to maintain economic and financial stability."
China keeps banning VCs suggests it has failed to do so. I find it ridiculous that top economists sitting on the top positions of such authorities don't understand that they can't ban the thing that's better and beyond their control. I also think they refuse to accept the truth for the sake of their jobs, or maybe they are just literate stupide.
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23 sats \ 6 replies \ @Undisciplined 29 Nov
Chinese friends of mine have told me that the government doesn't really care that some people get around the various technology bans as long as most are afraid to try.
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71 sats \ 3 replies \ @spiderman 29 Nov
Those some people are often parts of the CCP apparatus. The government would turn a blind eye initially but will use this if there is a purge necessary.
Regardless, a good thing as Chinese capital control prevents their own people from acquiring bitcoins and keeps them perpetually behind.
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10 sats \ 2 replies \ @Solomonsatoshi 29 Nov
China is beating the west in most areas of economic and technological development.
It is naive to assert that the Chinese mixed model economy is inferior to the wests crony capital model where governments have become subservient to wealthy corporate banking lobbies.
Australia’s Strategic Policy Institute, a think tank, believes China has overtaken America in cutting-edge research in 57 out of 64 technology areas it tracks.
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0 sats \ 1 reply \ @spiderman 30 Nov
Another wumao scum đŸ¤£
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0 sats \ 0 replies \ @Solomonsatoshi 30 Nov
Are you suggesting I am a Wumao? Seriously? The degree of arrogance some westerners have with regard to denying Chinas demonstrable economic performance is scary...and imo dangerous.
If I was a CCP bot I would not be raising these challenges the west faces regarding Chinas economic rise....I would be downplaying/dismissing them as you seem to do.
To dismiss/ignore Chinas demonstrable economic success and current trajectory is to ignore a very serious challenge to the west and its centuries of global domination. It is exactly the sort of arrogance and ignorance that has resulted in China now holding a near monopoly over the supply of rare earths.
This article might help you see things in a more balanced and informed manner...
https://www.thepress.co.nz/business/360902224/global-read-us-china-rivalry-fantastic-money-making-opportunity
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0 sats \ 0 replies \ @Coinsreporter OP 29 Nov
Yeah, you're right. They just want to remain in control by only showing that they can.
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0 sats \ 0 replies \ @Solomonsatoshi 29 Nov
Just as most western governments and the fiat bankers who direct them don't care if a few people use Bitcoin for MoE as long as most don't.
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21 sats \ 1 reply \ @grayruby 29 Nov
They have to keep trying. If they aren’t trying to exert maximum control for the party they will be out and someone else who will will be in.
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40 sats \ 0 replies \ @Coinsreporter OP 29 Nov
Yes right. They are all part of the same big corrupt team.
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21 sats \ 2 replies \ @justin_shocknet 29 Nov
Capital controls are a game of cat and mouse, before virtual currencies it was Hong Kongese buying offshore real estate...
authorities don't understand that they can't ban the thing
If you and I know, they very well know.
They don't need to stop it, just need to slow it enough to front-run it.
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0 sats \ 1 reply \ @Coinsreporter OP 29 Nov
I wonder how long they can front run it. There has to be a deadline. With the current speed they may go a hundred years more.
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0 sats \ 0 replies \ @justin_shocknet 29 Nov
That's what wars and black swans are for, to disguise the forcing function
The fake pandemic was just a rehearsal decoupling to get the respective economies prepared for the next phase
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21 sats \ 0 replies \ @Solomonsatoshi 29 Nov
Bitcoin and other VCs reduce the states monetary leverage. They offer advantages for individuals to evade tax and other regulatory controls like capital movement. The question really is how important you regard the states role in an economy and China considers it as vitally important whereas the west has in recent decades adopted a more neoliberal - libertarian approach- however Chinas mixed model is actually beating the western model on many fronts.
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