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The People’s Bank of China (PBOC) made significant statements regarding cryptocurrencies in its recently published “China Financial Stability Report.” The report emphasized that despite China’s ban on cryptocurrencies, the country continues to closely monitor developments in this area. It noted that in 2023, cryptocurrency prices experienced significant increases worldwide. China is among the countries tightening regulations on cryptocurrencies, while a total of 51 countries and jurisdictions have implemented bans on digital currencies globally.
Report Highlights Cryptocurrency Price Increases in 2023
The report highlighted the price surge experienced in 2023. Following the crises of 2022, many countries began implementing regulations to mitigate risks in the cryptocurrency market. China indicated that increasing regulations are one of the primary factors driving global interest in cryptocurrencies.
The rise in cryptocurrency prices has attracted considerable attention from a large group of investors. According to the report, this process was further accelerated by the approval of spot Bitcoin 
$103,169 ETFs in the US.
Increasing Regulations for Cryptocurrencies Worldwide
The report also discussed regulatory developments in the US and Europe. After years of rejecting numerous spot Bitcoin ETF applications, the US decided to approve these funds in 2024. Notably, the report included comments from SEC Chair Gary Gensler, who stated that the approval of these ETFs does not imply their correctness.
The report detailed the MiCA regulations in the European Union and new rules in the UK. It also noted progress in licensing processes in Hong Kong, where a dual licensing system for virtual assets has been implemented. Although China banned all cryptocurrency activities in 2021, it remains the second-largest mining country globally, with the US holding the top position.
