People’s Bank of China Reiterates Opposition to Cryptocurrencies

The People’s Bank of China (PBOC) emphasized its stance against cryptocurrencies at a coordination meeting held on November 28, 2025. High-level officials from various government agencies participated in the meeting, including representatives from the Ministry of Public Security, the Cyberspace Administration, and the Supreme People’s Court, among others. The PBOC reiterated that cryptocurrencies are not legal tender and lack the same legal status as traditional currencies. The bank underscored that all cryptocurrency-related activities are classified as illicit financial practices. )