China’s central bank reiterates ban on virtual currencies, citing risks like fraud and money laundering, and vows stronger enforcement.

China’s central bank reiterated its strict ban on virtual currencies, citing rising speculation and risks from illegal activities, particularly involving stablecoins. It stressed that cryptocurrencies aren’t legal tender, financial operations with them are illegal, and stronger enforcement and monitoring will protect financial stability, even as Hong Kong advances a stablecoin regulatory framework.