PBOC Crypto Rules: What China’s Central Bank Really Bans and Allows

When you hear PBOC crypto rules, the regulatory framework set by China’s People’s Bank of China to control digital assets. Also known as China’s cryptocurrency regulations, it’s not about stopping innovation—it’s about replacing it with state control. The PBOC doesn’t just discourage crypto; it actively shuts down exchanges, blocks wallet services, and fines anyone who tries to bypass its digital currency system.

Behind these rules is the Digital Yuan (e-CNY), China’s official central bank digital currency (CBDC) designed to replace cash and dominate digital payments. Also called e-CNY, it’s not a decentralized coin—it’s a government-monitored payment tool with full traceability. Unlike Bitcoin or Ethereum, the Digital Yuan gives the state visibility into every transaction, making it the opposite of privacy coins. Meanwhile, crypto exchanges, platforms where users trade Bitcoin, Ethereum, and other private digital assets. Also known as crypto trading platforms, are banned from operating inside China, and even foreign ones are blocked by the Great Firewall. Miners? They’ve been pushed out. Wallet providers? Shut down. Even peer-to-peer trading is risky under these rules.

But here’s the twist: while private crypto is outlawed, China still uses blockchain—just not the kind you think. The PBOC allows private companies to build permissioned blockchains for supply chains, land records, and banking settlements—as long as the state holds the keys. This isn’t about technology. It’s about control. The goal isn’t to eliminate digital money. It’s to own it completely. That’s why you’ll see articles here about how Russian traders bypass sanctions with USDT, or how Nepalis use crypto despite bans—it’s the same story, just without the state backing. China’s approach is unique: crush the wild west, build your own version, and call it progress.

What you’ll find in this collection aren’t speculative coin reviews or DeFi guides. These are real-world case studies: how traders adapt, how regulations leak into daily life, and why the PBOC’s digital currency is the only crypto that matters inside China. No hype. No fluff. Just what happens when a government decides to be the only player in the game.