China Tightens Crypto Controls: New Measures Aim to Curb Financial Risks

China has implemented a comprehensive ban on cryptocurrency activities, set to take effect from June 1, 2025. The country’s central bank and state council are enforcing this ban across trading, mining, and individual ownership. This move seeks to consolidate control over financial risks and promote the development of its own digital yuan. The ban has implications for both local cryptocurrency markets and user behavior, leading to increased reliance on virtual private networks (VPNs) for accessing foreign exchanges. Experts suggest this regulatory stance discourages crypto adoption in China, with a focus shifting towards the stable and controlled digital yuan.