People’s Bank of China Releases New Statement on Cryptocurrencies

The People’s Bank of China (PBOC) once again clearly stated its prohibitive stance towards cryptocurrencies at the coordination meeting held on November 28, 2025.

High-level representatives from the Ministry of Public Security, the Cyberspace Administration, the Supreme People’s Court, the Supreme People’s Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the PBOC, the State Administration of Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange attended the meeting.

The PBOC reiterated that cryptocurrencies do not have the same legal status as fiat money, are not legal tender, and cannot be used as money in the market. The bank stated that all activities related to crypto assets are considered illicit financial activities. Stablecoins are also classified as virtual assets and pose serious risks because they currently fail to meet customer identity verification (KYC) and anti-money laundering (AML) requirements. These risks include money laundering, fraudulent fundraising, and illegal cross-border money transfers.

At the meeting, officials stated that cryptocurrency speculation has recently increased again, and that, as a result, illegal activities have become more frequent. It was noted that significant results were achieved following the comprehensive regulation published in 2021, which strictly prohibited cryptocurrency trading and speculation; however, it was stated that risks have risen again due to new market dynamics.

The PBOC stated that preventing and controlling financial risks is a “permanent duty,” and that China will maintain its strict prohibition of virtual currencies. It called on all institutions to establish stronger monitoring mechanisms focused on information and fund flows, increase information sharing, improve oversight frameworks, and take strong measures against illegal activities.

*This is not investment advice.