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In China Making Plans to Crack Down on Crypto Payments and Stablecoins Godfrey Benjamin reinforces my point about the Chinese government's attitude to cryptocurrencies:
"China’s central bank, the People’s Bank of China (PBoC), recently held talks with key government agencies to review the rise of virtual currency activity. The meeting included representatives from the Ministry of Public Security, the Cyberspace Administration, and several other departments.
They agreed that although the 2021 ban pushed crypto trading underground, the market has been active again. Now, the market has more scams, illegal fundraising schemes, and unregulated cross-border transactions.
Officials repeated that digital assets are not legal tenders and cannot circulate as currency inside the country. They warned that using them for payments or investments constitutes an illegal financial act.
For context, some stablecoins were a major concern because their anonymous nature makes it harder to identify users and trace funds."
Nov 30, 2025, 3:26:25 PM
Posted to The Gaslit Asset Class