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China Bans Yuan Stablecoins Globally, Promotes Digital Yuan

China Bans Yuan Stablecoins Globally, Promotes Digital Yuan

MGR Online•Economy•55d ago

Reader Briefing

China's central bank has prohibited the issuance of yuan-backed stablecoins worldwide to bolster the adoption of its own digital currency, the e-CNY.

  • •China's central bank (PBOC) and seven other government bodies have banned unauthorized yuan-pegged stablecoins globally, citing threats to financial sovereignty.
  • •The directive also targets Tokenized Real-World Assets (RWAs) linked to the yuan, aiming to eliminate competition for the e-CNY.
  • •This move contrasts with regions like Hong Kong and Japan, which are embracing digital assets, and follows China's crackdown on cryptocurrencies starting in 2021.

Overview

  • •The People's Bank of China (PBOC) and seven other government agencies announced a ban on unauthorized yuan-pegged stablecoins.
  • •The ban is intended to protect financial sovereignty and clear the path for the e-CNY (Digital Yuan).
  • •China will crack down on Tokenized Real-World Assets (RWAs) linked to the yuan.
  • •This policy positions China against global trends where Japan and Hong Kong are adopting digital asset frameworks.
  • •On January 1, 2026, Chinese commercial banks were allowed to 'pay interest' on e-CNY deposits.
  • •The ban affects individuals and entities both domestically and internationally involved with yuan-pegged stablecoins.
  • •Cryptocurrencies like Bitcoin and Ether are confirmed as not having legal tender status in China.
  • •These regulations are part of a broader effort to monopolize and promote the e-CNY.

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Key Quotes

Official Statement
"Do not imitate the yuan."
ห้ามเลียนแบบเงินหยวน
Official Statement
"Imitating the functions of currency"
เลียนแบบฟังก์ชันของเงินตรา
Winston Ma
"Crypto is illegal."
คริปโตฯ คือสิ่งผิดกฎหมาย

Key Entities

Place

China(จีน)ℹ️
The country implementing a ban on yuan-pegged stablecoins.
Hong Kong(ฮ่องกง)ℹ️
A region that is opening up to digital assets, contrasting with China's restrictive policies.
Japan(ญี่ปุ่น)ℹ️
A country that has established legal frameworks for stablecoins, in contrast to China's ban.

Organization

People's Bank of China (PBOC)(ธนาคารกลางจีน (PBOC))ℹ️
The central bank of China, which led the announcement to ban yuan-pegged stablecoins.
Private Entities(บริษัทของเอกชน)
Entities whose stablecoin activities are being targeted by China's regulatory crackdown.
USDCℹ️
A major stablecoin mentioned as a market leader globally.
USDTℹ️
A major stablecoin mentioned as a market leader globally.

Law

Yuan-pegged Stablecoins(Stablecoin อิงเงินหยวน)
Digital assets pegged to the value of the Chinese yuan, which are now banned globally by China.

Policy

Digital Yuan (e-CNY)(หยวนดิจิทัล (e-CNY))ℹ️
China's central bank digital currency, whose adoption is being promoted by the ban on private stablecoins.
Tokenized Real-World Assets (RWA)(โทเคนสินทรัพย์จริง (RWA))
Assets like bonds or stocks converted into tokens, which China will crack down on if linked to the yuan.

Person

Winston Ma
Former executive of China's national wealth fund, commenting on the scope of China's stablecoin ban.

Timeline

January 1, 2026(1 มกราคม 2026)
The date when Chinese commercial banks were permitted to pay interest on e-CNY deposits.
2023(ปี 2023)
The year Japan established its legal framework for stablecoins.
2025(ปี 2025)
The year global stablecoin transaction value reached $33 trillion.
2021(ปี 2021)
The year China's large-scale crackdown on cryptocurrencies began.