Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, China issued a ban on unapproved stablecoin and tokenized real-world assets, Trend Research unloaded over 400,000 ETH to repay loans, and market sentiment dived to multi-year lows as Bitcoin sank.
The People’s Bank of China, together with seven other regulatory bodies, issued a joint statement banning the unapproved issuance of yuan-pegged stablecoins and tokenized real-world assets (RWAs) by both domestic and foreign companies.
According to the announcement, no entity or individual, whether inside or outside China, may create or issue Renminbi-linked stablecoins without explicit approval from regulators. That includes offshore versions tied to the yuan, closing a loophole that some had hoped might allow crypto activity to persist around China’s borders.
