The People's Bank of China and eight departments issued a joint statement confirming the current ban on all domestic cryptocurrency transactions, RBC reported.
Illegal activities include trading, token issuance, brokerage, financial products, mining, and the production and sale of mining equipment.
The notice states that cryptocurrencies are not considered legal tender and cannot be used as currency in China. Their advertising is prohibited, as is the provision of services related to cryptocurrencies, including information services. It is emphasized that foreign companies and individuals should not illegally provide virtual currency services to domestic organizations in any form.
It is explicitly stated that stablecoins pegged to yuan are prohibited without direct approval from regulatory authorities. The tokenization of real-world assets (RWA) is generally considered an illegal financial activity and is only permitted in exceptional cases through approved organizations.
Chinese authorities also announced that they will strengthen the fight against fraud, money laundering and illegal fundraising, as well as strict control over foreign crypto services working with Chinese citizens and over Chinese companies launching RWA projects abroad.
Cryptocurrency mining was officially banned in China in 2021. The new statement from regulators states that the activities of "miners" should be further suppressed, and the responsibility for the resumption of cryptocurrency mining lies with regional authorities. All mining farms should be closed, and the creation of new ones is strictly prohibited. The production of mining equipment is also prohibited in China.
In Russia, the authorities have taken a more lenient position: cryptocurrency-related activities are permitted, but within the framework of legislative norms, some of which have already been adopted (laws on digital financial assets and on mining). At the end of last year, the Bank of Russia presented a concept for regulating the cryptocurrency and digital asset market. The Ministry of Finance proposed an initiative to develop a market for tokenized real assets.