China officially hates stablecoins, DBS trades Bitcoin options: Asia Express

China’s central bank boss really, really doesn’t like stablecoins and crypto, Japanese yen comes to DeFi: Asia Express.

China has finally put rumors to rest following a speech by Peoples Bank of China Governor Pan Gongsheng at an annual financial conference in Beijing.

After Hong Kongs stablecoin licensing regime took effect in August, several companies including some from mainland China reportedly lined up to apply for licenses in the city. The move had fueled speculation that Beijing might be preparing to ease its long-standing crypto ban.

However, Pan made clear that no such shift is underway. Referring to the series of prohibitions rolled out since 2017, he said the existing policies remain in effect.

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