China Reinforces Crypto Ban, Warns of Bitcoin and Stablecoin Risks

China has reinforced its ban on cryptocurrencies, declaring them illegal for payments and business activities due to risks of scams, money laundering, and financial instability. The central bank urges stronger inter-agency coordination to monitor and curb illicit crypto trading while maintaining economic stability. China's central bank reaffirms that cryptocurrencies and stablecoins are not legal tender, [...]