Chinese Officials Prohibit Research and Workshops on Stablecoins

Financial regulators in China have instructed local firms to cease seminars and the dissemination of research concerning stablecoins, citing apprehensions regarding fraud and speculation.

Chinese officials have directed brokers, research institutions, financial entities, and other organizations to promptly cancel any planned seminars, roundtables, and conferences focused on stablecoins, as well as to halt the preparation and distribution of any analytical content on the subject, according to Bloomberg.

This directive encompasses both public and private gatherings with clients and partners. The prohibition stems from concerns that stablecoins might be exploited for fraudulent activities and could result in extensive retail investor participation without adequate comprehension of the associated risks. Financial regulators have also intensified oversight of digital assets, mandating banks to monitor and obstruct high-risk crypto transactions related to cross-border gambling, underground banking operations, and illicit international transfers.

Nevertheless, it is important to highlight that, despite stringent domestic cryptocurrency prohibitions, Chinese authorities exhibit a degree of flexibility beyond their borders. For instance, China actively endorses initiatives concerning the digital yuan on an international scale, and the People’s Bank of China is evaluating requests from technology giants to issue yuan-pegged stablecoins to bolster the national currency’s standing in global commerce.

In spite of governmental restrictions, the majority of Asian crypto investors are located within China.

Сообщение Chinese Authorities Ban Research and Seminars on Stablecoins появились сначала на CoinsPaid Media.