China Has Completed ‘Rectification’ of Crypto Transactions: PBOC

The country’s central bank has warned banks and payment services providers to stay away from virtual currencies.

AccessTimeIconSep 3, 2021 at 12:35 p.m. UTC
Updated May 11, 2023 at 5:20 p.m. UTC

The People’s Bank of China said a crackdown on crypto transactions has been completed.

  • Virtual currency transactions have been “rectified” and supervision has returned to normal, the central bank said in its 2021 Financial Stability Report.
  • The report grouped crypto along with other internet finance activities of concern, including peer-to-peer lending, online asset management and crowdfunding.
  • The PBOC and other authorities have been cracking down on crypto industries since mid-May, enforcing its anti-crypto stance from 2013 and 2017.
  • Mining was the first area of focus, with the State Council calling for a crackdown in May. Local and provincial authorities followed suit, and major mining hubs in the country have gone offline.
  • Authorities and state-sanctioned industry associations have also warned against conducting or enabling virtual currency transactions and trading.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about