"Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender in the market," the PBOC said in a statement, adding that virtual currency-related business activities are "illegal financial activities."
The central bank specifically highlighted concerns about stablecoins, saying they fail to meet requirements for customer identification and anti-money-laundering controls.
It warned that stablecoins risk being used for illegal activities including money laundering, fraud, and unauthorized cross-border fund transfers.
The central bank said it will "intensify efforts to combat related illegal financial activities" and "to maintain economic and financial stability."
China keeps banning VCs suggests it has failed to do so. I find it ridiculous that top economists sitting on the top positions of such authorities don't understand that they can't ban the thing that's better and beyond their control. I also think they refuse to accept the truth for the sake of their jobs, or maybe they are just literate stupide.