🔒 China’s Official Stance on Crypto

Cryptocurrency trading and mining are banned in mainland China.

The Chinese government has cracked down on Bitcoin, Ethereum, and stablecoins like USDT and USDC since 2021.

Crypto exchanges (Binance, Huobi, OKX) cannot operate legally within China.

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💴 China’s Official Digital Currency: e-CNY (Digital Yuan)

Not a stablecoin, but China's official digital currency (CBDC).

Issued and controlled by the People’s Bank of China (PBOC).

Fully centralized and not blockchain-based in the way most stablecoins are.

Used for domestic payments, government subsidies, and some pilot cross-border transactions.

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🪙 What About Stablecoins from Chinese Companies?

Mainland China bans issuing private stablecoins, but:

Hong Kong (as a semi-autonomous region) is becoming more crypto-friendly.

Hong Kong is considering regulation for stablecoins, aiming to allow regulated stablecoin issuers in the future.