The People's Bank of China reiterated that crypto assets are illegal in the country and all related activity is prohibited.

Regulator's stance

According to the central bank, virtual assets do not have legal tender status and cannot be used as a means of payment.

The regulator clarified that crypto instruments are not permitted to participate in financial markets or settlements within China's jurisdiction.

Scope of the ban

The statement explicitly includes stablecoins among prohibited asset types and reiterates the ban applies to issuance, trading and related services.

Enforcement and policy

Authorities announced they will continue a prohibitive approach and pursue measures to limit market activity connected to crypto assets.

«We will strictly crack down on speculation and illegal activities related to virtual assets»

The central bank emphasized coordinated oversight aimed at identifying and suppressing channels used to circumvent existing rules and restrictions.