China is pursuing a dual-track policy: actively promoting blockchain and the e-CNY (state digital currency) while enforcing a comprehensive 2025 ban (effective June 1, 2025) on private possession, trading and mining of cryptocurrencies. Measures also ban unauthorized offshore RMB stablecoins, expand AML coverage for crypto flows, and use surveillance to enforce restrictions. Legal status of private holdings remains ambiguous due to mixed court rulings; authorities continue to permit regulated tokenization and RWA trials within state-controlled systems.

The People’s Bank of China implemented a comprehensive ban (effective June 1, 2025) on private possession, trading and mining of cryptocurrencies and tightened rules on offshore activity; measures also ban unauthorized offshore RMB stablecoins, expand AML coverage and use surveillance—these actions constrain decentralized crypto activity while supporting state-controlled e-CNY and regulated tokenization.