https://www.gncrypto.news/news/china-pboc-reaffirms-crypto-ban-targets-stablecoins-nov-15-2025/
On Saturday, Nov. 15, 2025, the Peoples Bank of China (PBOC) reaffirmed its 2021 prohibition on cryptocurrency trading and mining after a meeting with 12 other government agencies.
The central bank cited renewed speculation in virtual assets and announced stepped‑up enforcement against stablecoins over anti‑money‑laundering risks.
In a statement, the PBOC said “virtual currency speculation has resurfaced,” creating new challenges for risk control. It reiterated that “virtual currencies do not have the same legal status as fiat currencies, lack legal tender status, and should not and cannot be used as currency in the market,” adding that “virtual‑currency‑related business activities constitute illegal financial activities.”
Stablecoins were highlighted as a focus. The bank’s notice described the tokens as falling short of customer‑identification and anti‑money‑laundering requirements: “Stablecoins are a form of virtual currency and currently cannot effectively meet requirements for customer identification and anti‑money‑laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud and illegal cross‑border fund transfers.”
Following the interagency meeting, authorities pledged to “persistently crack down on illegal financial activities” tied to digital assets to “maintain the stability of the economic and financial order.” The group of 13 agencies said they would deepen coordination by strengthening information‑sharing and enhancing monitoring of crypto activity.
China imposed a comprehensive ban on crypto trading and mining in 2021, aiming to limit criminal abuse and safeguard the financial system. Despite the prohibition, activity has periodically reappeared. Industry estimates as of late October placed China’s share of global Bitcoin mining at about 14%.
Regulators have also acted on market outreach. In August, financial watchdogs instructed brokers to cancel seminars and pause promotion of research on stablecoins, citing concerns the products could be misused for fraudulent schemes and for moving funds across borders outside licensed channels.
Policy developments in Hong Kong have drawn attention from mainland authorities. In July, Hong Kong began accepting applications to license stablecoin issuers as part of a broader digital‑asset framework. Some technology companies later paused plans to introduce stablecoins in the city following interventions by mainland regulators, according to company statements at the time.
The PBOC said it will continue working with other agencies to tighten oversight and enforce the existing ban. The statement reiterated that digital assets have no standing as legal tender in China and that financial institutions and payment firms are barred from providing services related to cryptocurrencies, with enforcement focused on gaps in know‑your‑customer and anti‑money‑laundering compliance.
As we covered previously, China’s National Computer Virus Emergency Response Center alleged the U.S. seized about 127,000 bitcoin tied to the December 2020 LuBian mining pool hack, while U.S. prosecutors in October 2025 charged Cambodian businessman Chen Zhi and reported seizing roughly 127,000 BTC linked to him and Prince Group, describing the assets as proceeds of a large cryptocurrency fraud after on-chain movements in mid-2024.
