The People's Bank of China (PBOC) in its 2024 Financial Stability Report emphasized the importance of managing cryptocurrencies. While mainland China has banned crypto trading and mining since 2021, Hong Kong has opened up to crypto companies, implementing a licensing regime and allowing retail trading from 2023.

PBOC warns that cryptocurrencies could pose risks as they become increasingly popular in payments and investments. At the same time, China is collaborating with international organizations to develop a global legal framework for effective management of this sector.

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