Wu Blockchain (@WuBlockchain): On Nov. 28, China’s central bank (PBOC) convened a coordination meeting and reiterated that: Virtual assets do not have the same legal status as fiat,…
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On Nov. 28, China’s central bank (PBOC) convened a coordination meeting and reiterated that: Virtual assets do not have the same legal status as fiat, are not legal tender, and must not be used as currency in market circulation; related business activities constitute illegal financial activity. Stablecoins are a form of virtual asset and currently cannot effectively meet KYC/AML requirements, posing risks of money laundering, fundraising fraud, and illicit cross-border capital transfers. https://t.co/r8V7dU5OYy