FINANCE

China Reaffirms Crypto Crackdown, Ramps Up Digital Yuan Push

Published: Oct. 28, 2025 3:36 a.m. GMT+8

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Pan Gongsheng, governor of the People’s Bank of China (PBOC), during the Lujiazui Forum in Shanghai on June 18, 2025. Photo: Bloomberg

China’s central bank on Monday reaffirmed its hardline stance on cryptocurrency trading while unveiling new initiatives to advance its state-backed digital yuan.

Speaking at the opening of the 2025 Annual Conference of Financial Street Forum in Beijing, People’s Bank of China (PBOC) Governor Pan Gongsheng said existing curbs on virtual currency activities remain fully in effect and will continue to be enforced coordination law enforcement agencies.

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China’s central bank reaffirmed its strict cryptocurrency trading bans and pledged continued enforcement, particularly against unstable offshore stablecoins.
The PBOC highlighted concerns over stablecoins’ compliance and systemic risks, while emphasizing the security and regulatory backing of China’s digital yuan.
New digital yuan centers were launched in Shanghai (for international operations) and Beijing (for infrastructure management), aiming to expand the CBDC ecosystem.

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