China Reaffirms Stance on Virtual Currencies as Non-Legal Tender

China's People's Bank of China, in collaboration with seven other departments, has issued a joint notice reiterating that virtual currencies such as Bitcoin, Ethereum, and Tether are not recognized as legal tender. According to NS3.AI, the statement underscores that these cryptocurrencies are digital assets not issued by any monetary authority and are therefore not permissible for use as currency in the market. This notice is part of China's continued regulatory approach to limit the circulation of virtual currencies within its financial system.