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China’s central bank said in an educational notice that cryptocurrencies do not have the legal status of fiat currency and cannot, should not, be circulated or used as money in the market.
The People’s Bank of China also said any virtual currency-related business activity conducted within China’s borders constitutes illegal financial activity, is strictly prohibited without exception, and will be firmly cracked down on and dismantled under the law. It added that overseas institutions and individuals cannot illegally provide virtual currency-related services in any form to entities in mainland China, and that without legal approval from relevant authorities, mainland Chinese entities and offshore entities under their control cannot issue virtual currencies overseas.
The PBOC further said that without legal approval from relevant authorities, no institution or individual outside mainland China may issue yuan-pegged stablecoins overseas. It also urged the public to be wary of crypto investment products and trading platforms, avoid participating in cryptocurrency issuance, investment, mining and similar activities, and refrain from joining crypto promotional group chats or communities or downloading related apps.