China Formalizes Ban on Yuan Stablecoins, RWA Tokenization

China’s central bank and nine other regulators have moved to lock in a sweeping crackdown on crypto-related activity, issuing a joint notice on Friday that bans unapproved yuan-linked stablecoin issuance, classifying most real-world asset tokenization as illegal. The notice frames virtual currencies, stablecoins, and tokenized assets as sources of systemic financial risk, reaffirming that cryptocurrencies lack legal tender status and that related trading, issuance, and intermediary services constitute ill ...