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Policy Interpretation and Risk Warnings Regarding Virtual Currency Trading in Mainland China
Regulatory policies regarding virtual currencies in mainland China have continued to tighten, explicitly prohibiting business activities related to virtual currencies. Since 2013, multiple agencies—including the People's Bank of China (PBOC)—have issued numerous documents emphasizing that virtual currencies do not have the status of legal tender and cannot be used as currency in circulation.Any organization or individual engaging in the issuance, trading, financing, or provision of related services involving virtual currencies within China is engaging in illegal financial activities and will face legal risks. Although the personal holding of virtual currencies is not illegal in itself, participating in transactions or providing related services may violate the law. Currently, the People’s Bank of China is actively promoting its central bank digital currency—the Digital Yuan (E-CNY).
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Policy Interpretation and Risk Warnings Regarding Virtual Currency Trading in Mainland China
Regulatory policies regarding virtual currencies in mainland China have continued to tighten, explicitly prohibiting business activities related to virtual currencies. Since 2013, multiple agencies—including the People's Bank of China (PBOC)—have issued numerous documents emphasizing that virtual currencies do not have the status of legal tender and cannot be used as currency in circulation.Any organization or individual engaging in the issuance, trading, financing, or provision of related services involving virtual currencies within China is engaging in illegal financial activities and will face legal risks. Although the personal holding of virtual currencies is not illegal in itself, participating in transactions or providing related services may violate the law. Currently, the People’s Bank of China is actively promoting its central bank digital currency—the Digital Yuan (E-CNY).
Illegal Transactions
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