China2026.09.22TokenPost

People's Bank of China Bans Offshore Issuance of Yuan-Pegged Stablecoins Without Approval

• The PBOC stated on September 22 that crypto assets including BTC, ETH, and USDT hold no legal tender status and cannot be used as currency in China.
• Offshore issuance of yuan-pegged stablecoins is now explicitly included among prohibited activities unless approved by Chinese authorities.
• Domestic crypto exchange, brokerage, pricing, token issuance, and financial product trading remain classified as illegal financial activity, with entities in China and offshore entities they control barred from such business without regulatory consent.