🚨 Mainland China just doubled down on its crypto crackdown by extending the official ban to include stablecoins and tokenized real-world assets (RWA). According to a new joint notice from the PBoC and other top regulators, issuing any RMB-pegged stablecoins abroad without permission is now strictly illegal, and RWA platforms operating in the country will be treated as "unlawful finance."
👀They’re also getting way more aggressive about mining, targeting "shadow" data centers that try to hide rigs by pretending to be normal tech facilities. Interestingly, Hong Kong is moving in the exact opposite direction, preparing to grant its first stablecoin licenses next month to giants like Ant Group and JD.com. Beijing basically sees these assets as a threat to its "monetary sovereignty" and as a tool for organized crime, so it's pulling the plug on any growth in the RWA or stablecoin sectors on the mainland.
Crazy to see the massive divide between Beijing and Hong Kong right now, right?
