Visa expands stablecoin settlement to CEMEA, China reaffirms crypto ban, UK mandates crypto reporting | Weekly Recap

The People's Bank of China (PBOC) has reaffirmed its ban on cryptocurrency trading, responding to a resurgence in market speculation. The central bank is urging government institutions to intensify their crackdown on activities related to virtual currencies to mitigate illegal operations.

The G20 has been discussing the establishment of global cryptocurrency standards, reflecting the growing importance of digital assets in the financial landscape. This week, the focus was on the future of Digital Asset Tokens (DATs) and the implications for regulatory frameworks worldwide.

Bitcoin miners are facing a challenging December as the network's mining difficulty is set to increase from 149 trillion to nearly 150 trillion, while hashprice remains low at around $38.3 PH/s, just above the break-even point for many operations. This situation is exacerbated by a recent decline in Bitcoin's price, which has raised concerns among miners about the sustainability of their operations.

Beijing has intensified its prohibitive stance on cryptocurrency speculation amid growing risks associated with the market. This move comes as the Chinese government aims to mitigate potential financial instability linked to digital currencies, reflecting a broader trend of regulatory scrutiny in the crypto space.

Crypto payments firm Truther is set to launch a non-custodial USDT Visa card in El Salvador, allowing users to make transactions without preloading funds or relying on custodial services. The card will incur a 2% fee on currency conversions, with Brazilian users exempt from the IOF tax.

Bitcoin mining activity in China is experiencing a resurgence after a four-year crackdown, with the country now accounting for approximately 14% of the global Bitcoin hashrate. This shift indicates a significant recovery in mining operations, leveraging low-cost energy sources and previously unused data centers.

Bitcoin mining activity in China is experiencing a resurgence after a four-year crackdown, with the country now accounting for approximately 14% of the global Bitcoin hashrate. This marks a significant recovery in mining operations, leveraging low-cost power and previously unused data centers.

The UK government has initiated a crackdown on cryptocurrency holdings, requiring exchanges to collect detailed transaction records from UK taxpayers starting January 1, 2026. This move aims to enhance financial transparency and regulatory oversight in the cryptocurrency sector, as reported by the Financial Times.