China Bars Unapproved Issuance of Yuan Stablecoins Abroad

China tightened curbs on cryptocurrencies and tokenized real-world assets, barring domestic entities from issuing digital tokens overseas and banning the offshore issuance of yuan-linked stablecoins without approval.

The People’s Bank of China and seven other agencies said in a joint notice on Friday that onshore firms, as well as offshore entities they control, may not issue cryptocurrencies abroad unless authorized by relevant authorities. The regulators also said that no institution or individual may issue stablecoins linked to the yuan overseas without approval, citing risks to monetary sovereignty.