China cracks down on stablecoin promotions, research and seminars
Chinese regulators ordered local firms to halt seminars and research on stablecoins, citing concerns over potential fraud and herd-driven speculation.
Chinese authorities told local firms to stop publishing research or holding seminars related to stablecoins, according to a Friday report from Bloomberg.
Chinese financial regulators reportedly instructed local brokers and other entities to cancel seminars and halt the promotion of research on stablecoins. Citing people familiar with the matter, Bloomberg said the authorities were concerned that stablecoins could be exploited as a tool for fraudulent activities.
Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp. in Singapore, said Beijing may be aiming to prevent a speculative surge among retail investors.