The People’s Bank of China (PBoC), together with eight other regulatory authorities, has issued a new directive formally reaffirming and expanding the country’s ban on all cryptocurrency-related activities. The document consolidates existing restrictions and replaces the previous directive adopted in 2021.
According to the new regulation, any operations involving cryptocurrencies within China are strictly prohibited. This includes trading, token issuance, brokerage and intermediary services, the creation of crypto-related financial products, as well as cryptocurrency mining. In addition, the production and sale of mining equipment are now explicitly banned.
Chinese regulators reiterated that cryptocurrencies are not legal tender and cannot be used as a means of payment in the country. Any form of advertising or promotion of cryptocurrencies is prohibited, along with the provision of related services, including informational and consulting services.
The directive also highlights tighter oversight of foreign cryptocurrency platforms and services. Authorities stated that increased attention will be paid to overseas crypto-related activities that target Chinese users. Special scrutiny will also be applied to Chinese companies involved in launching real-world asset (RWA) projects abroad.
Cryptocurrency mining has been officially banned in China since 2021. The new directive emphasizes the need to continue suppressing mining activities nationwide. All existing mining farms are required to shut down, the establishment of new mining operations is strictly forbidden, and the manufacturing of mining equipment is no longer permitted.
The directive came into force immediately upon publication and fully replaces the previous regulatory framework introduced in 2021, reinforcing China’s zero-tolerance approach toward cryptocurrencies and related industries.