TLDR
- China’s central bank reaffirmed its 2021 crypto ban after observing a return of virtual currency speculation in the market.
- The People’s Bank of China held a meeting with 12 other agencies to address the resurgence of crypto trading activities.
- Officials specifically flagged stablecoins as a risk due to inadequate anti-money laundering protections and their use in illegal activities.
- China currently ranks as the world’s third-largest Bitcoin mining hub with a 14% market share as of October 2025.
- The 13 agencies pledged to strengthen information sharing and monitoring capabilities to track down crypto users.
China’s central bank has renewed its commitment to enforcing the country’s crypto trading ban. The move comes after officials noticed an uptick in virtual currency speculation across the nation.
🚨BREAKING:
CHINA REAFFIRMS ITS BAN ON BITCOIN AND ALL CRYPTO ACTIVITIES
WORLD MOVES ON WITHOUT THEM pic.twitter.com/NmFjJBJ7Z5
— Mr. Crypto Whale 🐋 (@Mrcryptoxwhale) November 30, 2025
The People’s Bank of China convened a meeting with 12 other government agencies on Friday. The group discussed concerns about the return of crypto trading activities in the country.
Officials stated that virtual currencies do not hold the same legal status as fiat currencies. They emphasized that these digital assets cannot be used as currency in markets.
China is banning crypto for the five millionth time.
Time really is a flat circle. pic.twitter.com/nvzZRwtiVR
— Jelle (@CryptoJelleNL) December 1, 2025
The bank declared that all virtual currency-related business activities constitute illegal financial operations. This stance remains unchanged from China’s original crypto ban implemented in 2021.
The original ban targeted both crypto mining and trading activities. Chinese authorities cited crime prevention and financial system stability as primary reasons for the prohibition.
Stablecoins emerged as a particular focus during the recent inter-agency meeting. The central bank expressed specific concerns about tokens pegged to fiat currencies.
Officials stated that stablecoins fail to meet requirements for customer identification. They also lack proper anti-money laundering protections according to the bank’s assessment.
The People’s Bank of China warned that stablecoins pose risks of money laundering. The bank also cited concerns about fundraising fraud and illegal cross-border fund transfers.
The 13 agencies present at the meeting committed to deeper coordination. They plan to strengthen information sharing and enhance monitoring capabilities to track crypto users.
Recent data shows China holds the third-largest share of Bitcoin mining globally. The country’s mining market share reached 14% by the end of October.
In August, Chinese financial regulators instructed brokers to cancel seminars about stablecoins. They also ordered the halt of research promotion related to these digital assets.
Hong Kong operates under a separate legal jurisdiction from mainland China. The city opened doors to licensing stablecoin issuers in July.
Some tech companies suspended plans to launch stablecoins in Hong Kong. This followed reported intervention from Chinese regulators to pause such offerings.
The People’s Bank of China stated it would persistently crack down on illegal financial activities. The bank aims to maintain stability in the economic and financial order through these enforcement actions.
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