China intensifies cryptocurrency controls: Banning the issuance of stablecoins Peg to the Yuan and tightening regulations on RWAs. The People's Bank of China (PBOC) and seven other regulatory agencies recently issued a joint notice aimed at tightening regulations on cryptocurrencies. The announcement reaffirmed the comprehensive ban on crypto, while focusing on two new points: - It is prohibited for any entity (domestic or foreign) to issue stablecoins Peg to the Chinese yuan without prior approval from government authorities. - Tighten regulations on tokenization of RWAs (converting physical assets such as real estate and stocks into Token on the blockchain). Prohibit the provision of RWA services to domestic entities from foreign entities. It seems that China's tradition in the crypto market is to either drive down prices or create negative momentum, or prevent further growth. The last time China had a positive impact on the market was in Shanghai, with an update to... Ethereum. China contributed... the name 😂