China has finally decided: the problem is not with Bitcoin. The problem is with any money that is not under its full control.
The new restrictions from Beijing are no longer the old story about 'mining harms the environment'. Stablecoins and the tokenization of real assets are under scrutiny. That is, the very tools that businesses used as a workaround.
Yuan stablecoins abroad are under a complete ban. It doesn't matter who issues them — a Chinese company or a foreign one. The logic is simple and cynical: if a token resembles money but isn't ours — it is an enemy.
RWA is no longer 'trendy fintech'. Want to tokenize real estate, stocks, or funds through a foreign platform — please, first a license, reports, and permission. In fact — manual management of every move.
And the cherry on top: Beijing has explicitly stated that any crypto services from abroad that operate with Chinese citizens are illegal. Not just exchanges. Everything. Even remotely.
The official explanation is standard: 'speculation', 'risks', 'financial stability'. The unofficial one is even simpler. Stablecoins undermine monetary sovereignty. And RWA — allow business to escape control.
The chronology here is indicative:
2017 — ICO. Ban.
2021 — crypto as such. Ban.
2026 — bypass tools. They are finishing.
China is not at war with technology. China is fighting for a monopoly on money. And the digital yuan is the only 'allowed' blockchain in this coordinate system.
For crypto enthusiasts worldwide, this is a cold shower. If the state really wants to — it doesn't ban Bitcoin. It bans alternatives to its own money.
And this is no longer about China. It's about the trend.
