Key Highlights:
- Crypto ban: All crypto trading and mining remain illegal under PBoC directives.
- Enforcement surge: Authorities stepped up monitoring of offshore transactions in 2025–2026.
- Digital yuan: Over 261 million users tested e-CNY, processing $13.8 billion in payments.
- Blockchain investment: Projected at 400 billion yuan annually through 2030.
China reaffirmed its full ban on cryptocurrency activities in 2025, extending restrictions to NFTs and stablecoins. Regulators have tightened monitoring of overseas crypto flows, aiming to curb capital flight and illicit fundraising.
At the same time, Beijing is advancing its digital yuan (e-CNY) rollout, already serving millions of users in pilot programs. The government has committed 400 billion yuan annually to blockchain R&D, focusing on applications in supply chain management, digital identity, and copyright integrity.
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