China has reinforced its ban on stablecoins and virtual currency transactions, opting to focus on the development of its digital RMB. On November 28, the People’s Bank of China, along with 12 other departments, reiterated the prohibition of virtual currency trading, including stablecoins, underlining their regulatory scope. This move comes as the U.S. and Hong Kong accelerate stablecoin legislation, prompting global regulatory discussions. China's strategy involves optimizing the digital RMB's management and establishing international and domestic operational centers. This decision highlights China's commitment to advancing its digital currency while curbing the influence of stablecoins and other virtual currencies.