PBOC Crypto Policy: China's Ban, Digital Yuan, and How It Changes Crypto Forever

When the PBOC crypto policy, the People's Bank of China's official stance on cryptocurrency. Also known as China's digital currency strategy, it doesn't just restrict crypto—it replaces it. On June 1, 2025, China made owning, trading, or mining any cryptocurrency illegal. No warnings. No grace period. Just a total shutdown. This wasn't a sudden crackdown. It was the final step in a 16-year plan to kill Bitcoin and launch the digital yuan, China's state-controlled central bank digital currency (CBDC). The PBOC didn't just ban crypto. They built a better alternative—and made sure no one could escape it.

How did they pull it off? By controlling the pipes. Alipay, China's dominant mobile payment app owned by Ant Group. Also known as Ant Pay, it and WeChat Pay, the other half of China's digital payment duopoly. Also known as WeChat Wallet, it now block every transaction linked to crypto exchanges. If you try to send money to Binance, Coinbase, or even a peer-to-peer wallet, the app freezes it. Your bank account? Checked. Your phone number? Tracked. Your IP? Logged. The PBOC doesn't need to raid your house. They just need you to use your phone to pay for coffee.

And the mining? Gone. China used to run 70% of Bitcoin’s network. Now, every mining rig is either shut down or moved overseas. The government seized equipment, shut down data centers, and cut power to farms. Why? Because crypto mining eats electricity—and China wants that power for its factories, its cities, and its digital yuan infrastructure. The digital yuan, China's state-controlled central bank digital currency (CBDC). doesn't just track your spending. It controls it. You can't spend it on banned goods. You can't send it abroad without approval. You can't even hold it if you're not a citizen. It's not money. It's access.

What’s left? Confusion. Scams. And a global market still pretending crypto is free. But if you're trading Bitcoin or Solana today, you're doing it outside China—on platforms that don’t answer to Beijing. The PBOC crypto policy didn't just ban coins. It redefined what financial sovereignty looks like. And the rest of the world is still catching up.

Below, you’ll find real breakdowns of how China enforces this ban, what happened to crypto miners, how the digital yuan works, and the scams that popped up after the crackdown. No fluff. No guesses. Just what actually happened—and what you need to know if you're still in the game.