When the People's Bank of China, the central bank of the People's Republic of China, responsible for monetary policy and financial stability. Also known as PBOC, it cracked down on cryptocurrency in 2021, it wasn’t just a warning—it was a full shutdown. By 2025, that ban had hardened into one of the most aggressive, tightly enforced crypto policies on Earth. No exchanges, no mining, no peer-to-peer trading through banks. Even using crypto to pay for goods became a legal gray zone with serious penalties. The PBOC didn’t just restrict crypto—it built a parallel financial system around the digital yuan, and made sure no one could easily escape it.
The digital yuan, China’s central bank digital currency (CBDC), fully controlled by the PBOC and designed to replace cash and limit private crypto use isn’t just a backup plan—it’s the main event. While other countries dabbled in CBDCs, China rolled it out to over 260 million people by 2025, integrating it into daily life: paying for groceries, buses, even rent. Every transaction is tracked. Every flow monitored. The PBOC didn’t just ban crypto to stop speculation—they banned it to protect their control over money itself. And that’s why the ban still matters globally. When China says no, the rest of the world feels it. Mining rigs in Kazakhstan went dark. Exchanges in Hong Kong scrambled to cut off mainland users. Even decentralized apps started blocking Chinese IPs.
The crypto禁令, the Chinese term for the official ban on cryptocurrency activities, enforced through banking restrictions, surveillance, and legal penalties isn’t just about technology—it’s about power. The PBOC doesn’t care if you believe in Bitcoin. They care that you use their currency. And they’ve made it clear: if you try to bypass the digital yuan with crypto, you’re not just breaking rules—you’re challenging the state’s financial authority. That’s why fines for crypto payments in Vietnam or frozen assets in the Philippines get so much attention: they’re echoes of what China already did. The PBOC didn’t just ban crypto. They rewrote the rules for how money moves in the 21st century—and the rest of the world is still catching up.
Below, you’ll find real cases of how this ban shaped crypto markets—from the collapse of mining hubs to the rise of underground trading networks. You’ll see how individuals and businesses adapted, what loopholes still exist, and why the PBOC’s move still defines the future of digital money everywhere.
As of 2025, Chinese residents face a total ban on all cryptocurrency exchanges. Using Binance, OKX, or any other platform is illegal, with severe penalties including asset seizure and criminal charges. Only the digital yuan is permitted.