A joint notice from the People’s Bank of China and seven ministries states BTC, ETH, USDT and similar tokens have no legal tender status and labels all virtual‑currency business activities illegal and to be “resolutely banned.” Onshore issuance and trading of real‑world‑asset (RWA) tokens is prohibited without explicit approval and offshore entities are barred from serving mainland users. The circular tightens enforcement by banning banks, payment firms and internet platforms from supporting crypto/RWA services, renews a mining shutdown campaign, applies a “same business, same risk, same rules” standard to offshore structures, takes immediate effect and repeals the 2021 circular; the announcement coincided with sharp intraday drops in BTC, ETH and SOL.

The People’s Bank of China and seven ministries: (1) declared BTC, ETH, USDT and similar tokens have no legal tender status and labeled all virtual‑currency business activities illegal and to be “resolutely banned”; (2) prohibited onshore issuance and trading of RWA tokens without explicit approval and barred offshore entities from serving mainland users; (3) banned banks, payment firms and internet platforms from supporting crypto/RWA services, renewed a mining shutdown campaign, applied a “same business, same risk, same rules” standard to offshore structures, and took immediate effect while repealing the 2021 circular. The notice coincided with sharp intraday drops in major crypto prices (BTC, ETH, SOL).