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On November 28, 2025, the People's Bank of China (PBC) held a coordination meeting on crypto assets, which was also attended by representatives from the Ministry of Public Security, the Cyberspace Administration of China (CAC), the Supreme People's Court, the Supreme People's Procuratorate, and other agencies. The meeting was prompted by growing activity in the cryptocurrency sector, which necessitated clarification of the status of these assets.
Confirmation of the ban on crypto assets
As a result of the meeting, the regulator confirmed the current ban on crypto assets and stablecoins. In its statement, the PBC noted that in recent years, all authorities have faithfully implemented the provisions of the "Notice on Further Prevention and Handling of Risks Related to Trading and Speculation in Virtual Currencies," adopted in 2021. This document effectively banned cryptocurrency circulation in the country.
"Recently, due to various factors, speculation in virtual currencies has re-emerged, with occasional illegal and criminal activities associated with it, creating new challenges and new situations for risk prevention and control," the PBC statement reads.
Key Points of Clarification
During the meeting, the regulator reiterated several key points:
- Status of Virtual Assets: Virtual assets do not have the same status as fiat money and cannot serve as a means of payment or be used for market activities.
- Prohibition of Activities: Any activity related to crypto assets is considered illegal.
- Stablecoins: These assets are part of virtual assets and do not comply with strict anti-money laundering (AML) and counter-terrorist financing (CTF) requirements. Their use entails risks.
- Maintaining a Prohibitory Policy: Chinese authorities will continue to maintain a prohibitive policy regarding cryptoassets.
Possible Regulatory Changes
Earlier, media reports indicated that China may relax its regulatory regime for stablecoins. Following this, several tech companies announced plans to issue such assets in Hong Kong, but these plans were later shelved.
Despite the existing ban, interest in cryptoassets in China remains strong, and many market participants continue to seek opportunities in this sector. However, as experience shows, any attempts to circumvent the current restrictions could lead to serious regulatory consequences.
In Conclusion
Thus, the Central Bank of China and other agencies have reaffirmed their stance on cryptoassets, emphasizing their illegal status and the risks associated with their use. Amid growing activity in the cryptocurrency market, regulators continue to guard against financial stability, making the future of crypto assets in the country uncertain.
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