China’s Central Bank Flags Money Laundering and Fraud Concerns With Stablecoins

China’s central bank has flagged stablecoins as a specific concern in its latest push against virtual currencies, warning that the tokens fail to meet requirements for customer identification and anti-money-laundering controls and risk being used for fraud, money laundering, and unauthorized cross-border fund transfers.

The People’s Bank of China released a statement Saturday following a Friday meeting on virtual currency regulation, saying crypto speculation has recently…