PBOC Crypto Policy: What It Means for Traders and Investors

When dealing with PBOC crypto policy, the framework of rules issued by the People's Bank of China that governs digital assets, stablecoins, and crypto trading on the mainland. Also known as China's crypto crackdown, it determines how exchanges, investors, and developers must act under Chinese law.

The People's Bank of China, China's central bank and the author of the policy enforces a set of mandates that cover everything from PBOC crypto policy compliance to the promotion of the state‑backed Digital Yuan, a government‑issued digital fiat currency designed to replace cash in everyday transactions. The Digital Yuan creates a parallel ecosystem that competes with private cryptocurrencies, and its rollout pushes regulators to tighten rules on unofficial tokens. At the same time, Chinese crypto exchanges like Binance China and Huobi China must obtain special licences, prove AML/KYC standards, and often limit fiat‑on‑ramp services. This creates a direct link: the PBOC policy encompasses restrictions on crypto exchanges, and those restrictions force platforms to redesign onboarding flows or exit the market entirely. As a result, traders looking for crypto exposure in China must navigate P2P channels, offshore wallets, or the emerging “exchange‑as‑a‑service” models that skirt local bans.

Beyond exchanges, the policy also impacts crypto mining and token issuance. The central bank’s stance that “crypto mining is not a priority” has led to a sharp drop in hash‑rate within China, while the same authority promotes blockchain innovation through the Blockchain Service Network, a government‑backed infrastructure for permissioned ledger projects. This dual approach shows that Chinese crypto regulation influences both the supply side (mining) and the demand side (trading). Investors outside China who want to tap into Chinese markets must therefore consider compliance risks, cross‑border capital controls, and the growing importance of the Digital Yuan as a settlement layer. The articles below break down these topics step‑by‑step, from buying crypto with fiat in China to understanding how underground premiums develop when official channels are shut down. Explore the collection to see how each piece fits into the broader picture of PBOC crypto policy and its ripple effects across the global crypto landscape.