China has banned cryptocurrency trading and mining since 2021, but still leads in mining hardware and digital yuan development. Here's how its strict policies shape global crypto markets and why reversal is unlikely.
PBoC crypto policy: What China's central bank really does with digital currency
When you hear about the PBoC crypto policy, the official stance of the People's Bank of China on digital currencies and blockchain. Also known as China's central bank digital currency strategy, it's not just about controlling money—it's about rewriting how entire economies interact with digital value. Unlike Western countries that debate whether to ban or embrace crypto, China built its own system from the ground up: the digital yuan, or e-CNY. This isn't Bitcoin. It's not decentralized. It’s a state-controlled digital version of the Chinese renminbi, tracked, monitored, and issued directly by the PBoC.
The digital yuan, a central bank digital currency (CBDC) launched in pilot form since 2020. Also known as e-CNY, it enables instant payments, offline transactions, and programmable spending rules—like restricting funds to groceries or limiting how long money can sit idle. This isn’t theoretical. Over 260 million people have used it in real life, from street vendors in Shanghai to government workers in Shenzhen. Meanwhile, the cryptocurrency regulation, China’s strict legal framework that bans private crypto trading and mining. Also known as crypto crackdown, it’s one of the most aggressive in the world—forcing exchanges like Binance out, shutting down mining farms, and blocking access to foreign platforms. But here’s the twist: while crypto trading is illegal, the PBoC actively promotes its own digital currency. That’s not hypocrisy—it’s control. The goal isn’t to eliminate digital money. It’s to make sure only the state issues it.
What does this mean for you? If you’re outside China, you might think it doesn’t affect you. But it does. The PBoC crypto policy is a blueprint for other nations watching closely. Countries like Russia, Brazil, and Saudi Arabia are testing their own CBDCs, inspired by China’s speed and scale. Meanwhile, crypto projects that rely on anonymity or decentralization are being pushed further into the shadows—exactly why posts here focus on scams, fake airdrops, and security risks. The PBoC didn’t just ban crypto. It redefined the rules of the game, and the world is now playing by them.
Below, you’ll find real stories about what happens when people chase crypto in a world where the government holds all the cards. From dead tokens with zero volume to phishing scams that exploit confusion around digital money, these posts don’t just report—they warn. You won’t find hype here. Just facts about what’s real, what’s gone, and what’s coming next under the shadow of the PBoC’s digital currency.