China’s Crypto Ban: Still Kicking, Still Killing Vibes 😒

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So, China’s central bank is back at it again, reminding everyone that crypto is as welcome there as a fart in a crowded elevator. 🚫💨 Apparently, digital assets are still illegal, and they’re not here for the “financial risks” or the “compliance issues.” Shocking, I know.

The People’s Bank of China (PBOC) doubled down on this after a November 28 meeting, because nothing says “we’re serious” like a bureaucratic huddle. 🤷‍♂️

Why is China Still Crypto’s Grumpy Neighbor?

At said meeting, they were like, “Crypto? Not money. Can’t use it to buy stuff. Illegal. Next.” 🛑 Meanwhile, stablecoins got called out for being the rebellious teens of the financial world-skipping customer ID checks and laughing in the face of anti-money laundering rules.

The PBOC basically said, “Stablecoins? More like unstable-compliance-coins. They’re just asking to be used for money laundering, scams, and sneaking money across borders.” 🤦‍♂️

“Stablecoins, a form of virtual currency, currently fail to effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers,” a translated version of the statement reads. Because, you know, they had to make it official.

So, China’s like, “We’re keeping an eye on you, crypto rebels. Compliance or bust.” Meanwhile, the rest of the world is like, “Crypto? Sure, let’s regulate it and make it work.” But China? Nah, they’re busy with their e-CNY, the digital yuan that’s apparently the only kid allowed at this party. 🎉

And yet, despite the ban, crypto’s still sneaking around like a teenager after curfew. Reports say China’s Bitcoin mining is back at 14% of the global market. So much for that ban, huh? 🤫

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2025-11-29 21:31