China's central bank warned that stablecoins, a type of digital currency, pose serious risks to global financial systems, while stressing that China's digital yuan doesn't have the problems.
Digital currencies issued by private institutions, including stablecoins, have become speculative tools that threaten financial security and social stability, and have become used as payment for illegal activities and money laundering, Fan Yifei, deputy governor of the People's Bank of China, said at a press briefing Thursday.
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