China Cryptocurrency Crackdown 2025
PBOC Expands Ban, Stablecoins Are Banned Completely
🔥Full Stablecoin Prohibition in China (November 28, 2025)
Along with the People's Bank of China (PBOC), the central authorities have decided to block all kinds of activities related to cryptocurrencies in China. This ban comprises stablecoins as well.
First of all, stablecoins are being directly referred to as virtual currencies and thus banned as a means of payment. They have been entirely prohibited because of the risks related to money laundering, illegal transfer of funds, and the fact that they do not meet KYC/AML requirements. The regulation department doesn't leave any "gray zones" in terms of policies.
🔥China's Cryptocurrency Restrictions History
The way to complete ban has been very systematic:
🎁2013-2017: Ban on banks working with crypto and prohibition of ICOs
🎁2021: Total ban on all trading activities
🎁2024: Ban on mining activities
🎁2025: Clear stablecoin ban to close all remaining loopholes