Beijing, December 1, 2025 — China has once again declared war on cryptocurrency, with the People’s Bank of China (PBoC) intensifying its crackdown on digital assets.
The latest move involves 13 government agencies coordinating enforcement against stablecoins and trading activity, signaling a renewed determination to eliminate crypto transactions despite an existing nationwide ban.
China Declares War on Crypto Again
The central bank issued fresh warnings after detecting a surge in speculative trading. Officials described cryptocurrency as a growing threat to financial stability and economic order.
Stablecoins, in particular, have been singled out for failing to meet compliance standards, including proper customer identification and anti-money laundering protocols.
Stablecoins Under Pressure
Authorities highlighted that stablecoins are increasingly used for money laundering, fraudulent fundraising, and unauthorized cross-border transfers.
In August, regulators even canceled planned seminars promoting stablecoins, citing fraud risks. The renewed focus reflects Beijing’s concern that these tokens mimic traditional currency stability while operating outside legal frameworks.
Mining Persists Despite Ban
Although China banned crypto trading and mining in 2021, enforcement gaps remain. Recent data shows the country still accounts for 14% of global Bitcoin mining, making it the third-largest contributor worldwide.
Coordinated Crackdown
The November meeting of 13 agencies established new protocols for information sharing and monitoring systems.
Enhanced technological capabilities are expected to help identify individual users, not just exchanges. Officials argue that stricter enforcement is essential to protect economic stability and prevent risks to the banking system.
According to Coinpaper, the crackdown marks a significant escalation compared to previous measures, with regulators now targeting both platforms and individuals directly.
