China to crackdown on virtual currency, flags stablecoin concerns
China's central bank, People's Bank of China (PBOC) will crackdown on illegal activities involving virtual currencies. "Virtual currencies don't hold same legal status as fiat currency and can't be used as legal tender in market," said the PBOC. Further, it warned that stablecoins risk being used for illegal activities including money laundering, fraud and unauthorised cross-border fund transfers.