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On November 28, 2025, the People's Bank of China (PBOC) once again clearly outlined its prohibitive stance on cryptocurrencies at a coordination meeting attended by senior officials from various government agencies. Participants included representatives from the Ministry of Public Security, the Cyberspace Administration, the Supreme People's Court, the Supreme People's Procuratorate, and other key departments.
A Prohibitory Approach to Cryptocurrencies
At the meeting, the PBOC reaffirmed that cryptocurrencies do not have a legal status similar to fiat money and cannot be used as legal tender. The bank emphasized that any activity related to crypto assets is considered illegal financial activity. This statement underscores China's continued hardline stance on cryptocurrencies, which it established in 2021.
Risks Associated with Stablecoins
In its statement, the PBOC also classified stablecoins as virtual assets, which pose serious risks. Specifically, it was noted that stablecoins do not comply with know-your-customer (KYC) and anti-money laundering (AML) requirements. These risks include money laundering, fraudulent fundraising, and illegal cross-border remittances, raising serious concerns among regulators.
Increasing Speculation and Illegal Activity
At the meeting, officials noted that there has been a recent increase in cryptocurrency speculation, leading to an increase in illegal activity. Despite significant progress achieved since the adoption of comprehensive regulations in 2021, which strictly prohibited cryptocurrency trading, new market dynamics have once again increased risks.
Ongoing Responsibility for Risk Control
The People's Bank of China has stated that preventing and controlling financial risks is a "permanent responsibility" for all financial market participants. Therefore, China intends to maintain a strict ban on virtual assets and continue to combat illicit financial activities.
In conclusion
Thus, the PBOC's new statement underscores China's unwavering position on cryptocurrencies and the need for strict oversight of financial risks. Amid growing volatility in the cryptocurrency market, regulators continue to act to protect the country's financial stability.
