The post China’s PBOC Cracks Down on Virtual Currencies and Stablecoins, Declares No Legal Tender Status and That Related Activities Are Illegal appeared on BitcoinEthereumNews.com. The People’s Bank of China (PBOC) convened the Working Mechanism for Coordinating the Crackdown on Virtual Currency Transaction Speculation to reaffirm its stance on crypto markets. The session underscored that virtual currency has no fiat status or legal tender designation and should not circulate as money in the broader market. Officials highlighted that stablecoins are a subset of virtual currency with notable compliance gaps, including inadequate customer identification and AML controls. These gaps elevate risks of money laundering, illicit fundraising, and unauthorized cross-border transfers if not addressed by robust due diligence. Market participants and financial institutions should align with evolving policy expectations, strengthening KYC and AML protocols and monitoring for speculative activity. The statement reinforces a cautious stance toward crypto products and signals continued regulatory tightening to safeguard financial stability and consumer protection. Source: https://en.coinotag.com/breakingnews/chinas-pboc-cracks-down-on-virtual-currencies-and-stablecoins-declares-no-legal-tender-status-and-that-related-activities-are-illegalThe post China’s PBOC Cracks Down on Virtual Currencies and Stablecoins, Declares No Legal Tender Status and That Related Activities Are Illegal appeared on BitcoinEthereumNews.com. The People’s Bank of China (PBOC) convened the Working Mechanism for Coordinating the Crackdown on Virtual Currency Transaction Speculation to reaffirm its stance on crypto markets. The session underscored that virtual currency has no fiat status or legal tender designation and should not circulate as money in the broader market. Officials highlighted that stablecoins are a subset of virtual currency with notable compliance gaps, including inadequate customer identification and AML controls. These gaps elevate risks of money laundering, illicit fundraising, and unauthorized cross-border transfers if not addressed by robust due diligence. Market participants and financial institutions should align with evolving policy expectations, strengthening KYC and AML protocols and monitoring for speculative activity. The statement reinforces a cautious stance toward crypto products and signals continued regulatory tightening to safeguard financial stability and consumer protection. Source: https://en.coinotag.com/breakingnews/chinas-pboc-cracks-down-on-virtual-currencies-and-stablecoins-declares-no-legal-tender-status-and-that-related-activities-are-illegal

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more