China bans entities from issuing unapproved crypto overseas

China has banned domestic entities from issuing unapproved cryptocurrencies overseas, according to a statement from the People's Bank of China reported by Xinhua news agency.

The central bank specifically prohibited Chinese entities and their subsidiaries from issuing yuan-linked stablecoins abroad without proper authorization. The statement represents an extension of China's domestic cryptocurrency restrictions to overseas activities by Chinese companies.

The People's Bank of China reiterated that cryptocurrency business remains illegal within China's borders. The new directive expands regulatory oversight to include international cryptocurrency activities conducted by Chinese entities.

The announcement comes as part of ongoing efforts by Chinese authorities to prevent cryptocurrency-related risks. The central bank's statement did not specify penalties for violations or provide details about the approval process for authorized issuances.

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