China Reminds Us of Its Bitcoin (BTC) Ban Announces New Bans! Here Are the Details

China, known for its strict bans on Bitcoin and cryptocurrencies, has introduced yet another ban.

According to Bloomberg, China has banned the export of yuan-backed stablecoins that have not received government approval.

China has reportedly tightened restrictions on cryptocurrencies and tokenized real-world assets. In addition, it has banned domestic entities from issuance of digital tokens abroad without approval and blocked the export of yuan-backed stablecoins overseas.

In a joint statement on Friday, the People’s Bank of China (PBOC) and seven Chinese institutions said that mainland Chinese companies and their overseas subsidiaries cannot issue cryptocurrency abroad without permission from the relevant authorities.

Regulators also stated that no institution or individual could issue yuan-backed stablecoins abroad without approval, citing risks to monetary sovereignty.

The People’s Bank of China has said this decision is part of a plan to pursue as it concerns money laundering and currency fraud.

A published statement by The People’s Bank of China reaffirmed its strict ban on cryptocurrencies. Similarly, it repeated that “cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) do not have the same legal status as legal tender” and cannot be exchanged as currency in the market.

China has also ordered internet companies to stop offering services related to cryptocurrencies.

*This is not investment advice.

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