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China Reaffirms Ban on Cryptocurrencies and Stablecoins as Illegal Financial Activities

China Reaffirms Ban on Cryptocurrencies and Stablecoins as Illegal Financial Activities

Author:

Global Cryptocurrency

Published:

2025-11-29 15:10:02

29

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BTCCSquare news:

The People's Bank of China (PBOC) has reinforced its hardline stance against digital assets, declaring all cryptocurrencies and stablecoins lack legal tender status. During a high-level meeting on November 28, regulators including the Ministry of Public Security and Supreme People's Court unanimously classified trading or financial operations involving VIRTUAL currencies as illegal.

This crackdown builds upon China's 2021 administrative notice—a legally binding directive—which explicitly prohibits exchange and speculation activities. The PBOC warned against resurgent crypto speculation despite coordinated enforcement efforts across ten government departments.

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