#China central bank, the PBOC, just doubled down on its crypto ban, warning that digital coins are still a wild card for speculation and could jeopardise the country’s financial system. The crackdown zeroes in on stablecoins—those dollar‑pegged tokens that regulators say don’t meet know‑your‑customer or anti‑money‑laundering rules, making them easy prey for fraud and illegal transfers. Beijing is pushing its own state‑run digital yuan even harder, while trying to stamp out private crypto altogether. Even with the official ban, a hidden #market keeps humming, and China still powers about 14 % of the world’s #Bitcoin mining activity.