- Further crackdown on mining
- China’s numerous bans
The People’s Bank of China (PBOC) has issued a comprehensive new mandate aimed at stamping out the evolving risks in the digital asset sector, along with seven other powerful government ministries, Sina, a major Beijing-based publication, reports.
The notice, entitled “Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies,” was released jointly by the PBOC, the National Development and Reform Commission (NDRC), the Ministry of Public Security and the China Securities Regulatory Commission (CSRC), among others.
It established that conducting virtual currency-related business activities within China constitutes illegal financial activity and is strictly prohibited. It also established a coordination mechanism for cracking down on the hype of virtual currency trading to continuously clean up and rectify the chaos in virtual currencies.
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The notice explicitly states that “domestic entities and the offshore entities they control” are prohibited from issuing virtual currencies overseas without the explicit approval of relevant authorities.
It emphasizes that no unit or individual, domestic or foreign, may issue stablecoins pegged to the Renminbi overseas without approval from relevant departments.
Further crackdown on mining
The notice reiterates the prohibitive policy on virtual currency “mining” within China. The National Development and Reform Commission will lead the strict control of virtual currency “mining” activities.
China’s numerous bans
Since 2013, China has issued numerous decrees restricting digital assets, each one framed as the final nail in the coffin.
In 2017, the world’s second-largest economy banned crypto exchanges, causing a massive crash.
In 2021, China banned crypto mining, forcing the “Great Migration” of hash rate to the U.S.
In early December 2025, the PBOC released a statement vowing to intensify its crackdown on “virtual currencies,” specifically targeting stablecoins.