Китай усиливает контроль над криптовалютами: новые предупреждения и риски со стороны стейблкоинов China Tightens Control Over Cryptocurrencies: New Warnings and Risks from Stablecoins

During an interagency meeting, the People’s Bank of China (PBoC) reaffirmed its stance on the illegal status of digital assets within the country and highlighted the risks associated with the use of stablecoins.

Representatives from the Ministry of Public Security, the Cyberspace Administration, the Central Financial Stability and Development Authority, the Supreme People’s Court, and other regulatory bodies participated in the meeting. This same group had imposed a de facto ban on cryptocurrency trading in 2021.

«Virtual assets do not possess the same legal status as fiat currency; they are not a legitimate means of payment and should not be used as currency in the market,» the PBoC stated.

Officials from the bank also expressed their intention to «vigorously combat illegal and criminal activities» in this domain.

The meeting was convened against the backdrop of a «resurgence of speculative activity» involving digital assets. The report emphasizes that previous bans on crypto trading and mining succeeded in «eliminating chaos in the market.»

Particular attention was drawn to stablecoins by the central bank, which noted their non-compliance with anti-money laundering standards and their frequent use by fraudsters.

Local authorities appear to have no plans to soften their rhetoric regarding digital assets. In August 2025, Chinese agencies demanded that brokerage firms and analytical centers cancel seminars and cease publishing research on «stable coins.»

In addition, in September, the China Banking Regulation Commission issued an unofficial instruction to several local brokers to suspend their RWA business in Hong Kong.

Despite stringent regulations, the country’s share of the Bitcoin mining hash rate exceeded 14%. As of early October, it was approximately 145 EH/s, having increased by 13.8% over the past quarter.

Recall that in January 2024, the WSJ reported on methods to circumvent the ban on crypto trading in China.