The People's Bank of China has reaffirmed regulatory requirements on virtual currencies via financial education, banning related businesses and yuan-pegged stablecoins.

The People's Bank of China (PBoC) today reaffirmed during financial education and publicity efforts that virtual currencies such as Bitcoin, Ethereum, and Tether have no legal tender status and cannot circulate as currency. Conducting virtual currency-related business within China constitutes illegal financial activities and is strictly prohibited in all cases. The PBoC stated that without approval from relevant authorities, domestic entities and their controlled overseas entities may not issue virtual currencies overseas, and no domestic or foreign entities or individuals may issue RMB-pegged stablecoins overseas. The PBoC reminds the public not to engage in virtual currency issuance, trading, investment, and mining activities, to beware of high-yield investment scams, and to avoid renting out bank cards, payment accounts, or participating in virtual currency-related activities. In addition, the PBoC warns against virtual currency investment products and trading platforms that claim "guaranteed returns" or "high interest rates"; advises against participating in virtual currency issuance, trading, investment, "mining" and other activities; warns against joining communities promoting virtual currencies, clicking on links to overseas virtual currency trading platforms, or downloading related apps; prohibits lending or renting out bank cards or payment accounts, following others' instructions to buy or sell virtual currencies for "pass-through transactions", or acting as "runners", "coin dealers", or "U dealers"; and urges anyone who discovers clues about virtual currency-related business activities to promptly report them to relevant regulatory authorities.