A directive has been issued by the People’s Bank of China alongside eight other government bodies, unequivocally confirming a total ban on all cryptocurrency-related activities and mining operations within the nation’s borders.
Regulators have explicitly declared that any transactions involving digital currencies within China are to be deemed unlawful. This prohibition encompasses token trading, issuance, brokerage services, advertising, mining operations, as well as the manufacturing and sale of hardware specifically designed for cryptocurrency extraction.
The authorities have strongly emphasized that cryptocurrencies are not recognized as legal tender and must not be utilized as a form of currency. Furthermore, the provision of any associated services, including informational support, is strictly forbidden. Overseas entities and individuals are barred from offering crypto services to Chinese citizens.
It was specifically noted that stablecoins pegged to the Yuan are prohibited unless they receive prior approval from regulatory bodies. The tokenization of tangible assets is only permissible in highly specific circumstances, requiring authorization through officially sanctioned organizations.
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