The People's Bank of China (PBOC) reaffirmed its regulatory requirements on virtual currencies, banning related businesses and yuan-pegged stablecoins.

The People's Bank of China (PBoC) reaffirmed today during financial education and publicity that virtual currencies such as Bitcoin, Ether, and Tether have no legal tender status and cannot circulate as currency. All virtual currency-related business activities conducted within China are illegal financial activities and are strictly prohibited. The PBoC stated that without approval from relevant authorities, domestic entities and their controlled overseas entities must not issue virtual currencies overseas, and any domestic or foreign entity or individual must not issue RMB-pegged stablecoins overseas. The central bank reminded the public not to participate in virtual currency issuance, trading, investment, or mining activities, to beware of high-yield investment scams, and to avoid renting out bank cards, payment accounts, or engaging in virtual currency-related activities. Additionally, the PBoC advised the public to stay alert to virtual currency investment products and trading platforms that claim "guaranteed no loss" or "high returns"; refrain from participating in virtual currency issuance, trading, investment, mining, and other activities; avoid joining communities promoting virtual currencies, clicking links to overseas virtual currency trading platforms, or downloading related apps; do not lend or rent out bank cards or payment accounts, follow others' instructions to buy or sell virtual currencies for transfer purposes, or act as "runners", "currency dealers", or "USDT traders"; and report any clues related to virtual currency business activities to the relevant regulatory authorities in a timely manner.