The People’s Bank of China (PBOC) has reaffirmed its commitment against cryptocurrency trading after confirming a resurgence in market speculation. The Chinese apex bank is nudging several government institutions to strengthen their crackdown on business and financial activities involving virtual currencies and curb related illegal operations.

Stablecoins Yet To Meet AML Requirements, China Says

In 2021, China issued a ban on all cryptocurrency trading and mining activities, citing a potential threat to the nation’s financial stability and energy control system. Prior to this policy, the Asian giant had been one of the fastest-growing crypto hubs with the highest mining activity in the world. Four years later, the PBOC has reiterated this hostile stance against virtual assets despite

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