China vows to crack down on digital currency operations and speculation

Chinese authorities announced intensified measures to curb digital currency speculation, reinforcing the nation's strict opposition to private crypto assets and promoting state-controlled alternatives. Beijing has specifically directed major tech firms in Hong Kong to halt private stablecoin projects, aiming to strengthen state control over digital currency issuance. The People's Bank of China views privately issued digital assets, including stablecoins, as threats to financial stability and national monetary policy oversight. This crackdown is consistent with China's broader strategy to maintain monetary sovereignty and prevent speculative activity in decentralized digital assets, building upon existing strict controls over crypto trading and mining.

(Source：Crypto Briefing)