When it comes to Chinese citizens crypto restrictions, the Chinese government’s stance on digital assets is among the strictest in the world. Also known as China’s crypto ban, this policy doesn’t outlaw owning cryptocurrency—but it makes using it nearly impossible in practice. Unlike countries that regulate crypto exchanges, China shut them down entirely in 2021. Banks, payment apps, and fintech platforms can’t touch Bitcoin, Ethereum, or any other token. Even peer-to-peer trading is monitored and often blocked.
The PBOC crypto policy, led by China’s central bank, centers on control, not innovation. Also known as digital yuan, the e-CNY is the only digital currency the state allows. It’s not decentralized. It’s not anonymous. It’s a tool for surveillance and financial discipline. While citizens can still buy crypto overseas through offshore exchanges or private wallets, transferring money into those wallets is risky. Banks freeze accounts. Payment apps flag transactions. The government tracks wallet activity through blockchain analysis tools. Mining was once big in China—until 2021, when the state ordered all operations shut down. Thousands of rigs were turned off. Power grids stabilized. And the message was clear: digital assets belong to the state, not the people.
There’s no official list of banned coins, but if it’s not the digital yuan, it’s treated as illegal for transactions. That means no paying for goods, no remittances, no DeFi staking through local apps. Some users still trade via VPNs or peer-to-peer platforms like LocalBitcoins, but they do it quietly. Arrests are rare for individuals—but businesses, influencers, and exchange operators face heavy fines or jail time. The goal isn’t to stop crypto adoption—it’s to make sure it doesn’t compete with the state’s control over money.
What you’ll find below are real stories from people navigating this system. From how traders bypass filters to why some Chinese users treat crypto like cash under the mattress. You’ll see how regulations in China affect global markets, why exchanges like Binance and OKX pulled out, and what happens when someone tries to use crypto to send money abroad. These aren’t theoretical debates—they’re daily realities for millions.
As of June 2025, Chinese citizens are completely banned from buying, selling, or holding any cryptocurrency. This strict law shuts down all crypto activity, enforces digital surveillance, and promotes the state-backed digital yuan instead.