BEIJING, Nov 29 (Reuters) – China’s central bank reaffirmed its tough stance on virtual currencies on Saturday, warning of a resurgence in speculation and vowing to crack down on illegal activities involving stablecoins.

The People’s Bank of China (PBOC) said at a coordinating meeting on virtual currency regulation on Friday that crypto speculation has recently increased due to various factors, presenting new challenges for risk control, according to a statement released by the central bank.

“Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender in the market,” the PBOC said in a statement, adding that virtual currency-related business activities are “illegal financial activities.”

The central bank specifically highlighted concerns abou

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