Bloomberg: regulators in China have restricted the promotion of stablecoins

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china crypto китай криптовалюты# Bloomberg: regulators in China have restricted the promotion of stablecoins

Financial regulators in China have demanded that brokerage firms and analytical centers cancel seminars and stop publishing research on stablecoins. This was reported by Bloomberg sources.

Authorities are concerned that "stablecoins" may become a new tool for fraud in mainland Кит. Regulators are also seeking to avoid a speculative demand for assets, the risks of which are not fully understood by investors.

Despite the bans

The directive came amid an overall ban on cryptocurrency operations in the country. However, according to Chainalysis, in the first nine months of 2024, the volume of over-the-counter trading of digital assets in Кит reached $75 billion.

At the same time, the authorities support the development of Hong Kong as a hub for digital assets. According to Bloomberg, the city has issued licenses to 11 cryptocurrency exchanges and 44 companies for trading digital assets. Among them are firms with the support of the PRC.

The currency strategist of Oversea-Chinese Banking Corp., Christopher Wong, believes that the authorities in Кит are pragmatic. According to him, they do not want a "herd mentality" where investors buy into things they do not understand. Therefore, they do not endorse excessive hype around certain topics.

Recall that in March, the CEO of Bitcoin Magazine, David Bailey, reported that China is actively working on creating its own strategic Bitcoin reserve.

ForkLog has gathered the latest news on regulation in Asia in one material.

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