China Reiterates Anti-Cryptocurrency Stance, Targets Speculative Trading and StablecoinsChina has reinforced its opposition to cryptocurrencies, vowing to intensify efforts against speculative trading and stablecoins. Officials from key government agencies, including the Peoples Bank of China, declared all virtual currency activities illegal financial operations. Despite being the worlds third-largest Bitcoin mining hub, China has consistently opposed cryptocurrencies, targeting both mining operations and speculative trading. The Peoples Bank of China also expressed concerns about stablecoins, citing their lack of proper customer identification and vulnerability to illegal activities. Meanwhile, Hong Kong, operating under a separate legal system, has a more open approach to the crypto industry, with stablecoins being a major topic at their Fintech Week and high-ranking officials speaking at crypto conferences.

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