China tightens crypto crackdown and bans offshore yuan stablecoins
China has banned unauthorized offshore yuan stablecoins to curb speculation. The central bank warned that virtual currency activities remain illegal nationwide.
The People’s Bank of China and seven other agencies issued a joint notice on February 6, 2026, that bans the unauthorized offshore issuance of yuan-pegged stablecoins and tightens restrictions on virtual-currency activities throughout China 
CN. The multi-agency directive clarifies that virtual currencies do not have the same legal status as fiat currency and declares all related business activities to be illegal. This policy-driven development is intended to address recent speculative activities cited by officials as a concern for national financial order.
CN. The multi-agency directive clarifies that virtual currencies do not have the same legal status as fiat currency and declares all related business activities to be illegal. This policy-driven development is intended to address recent speculative activities cited by officials as a concern for national financial order.
