China's Policy on Virtual Currency


What is China's policy on virtual currency?

2023-05-29 06:02

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China's policy on virtual currency is that it is not recognized as legal tender and the trading of virtual currency is prohibited. The People's Bank of China (PBC), the country's central bank, has repeatedly warned against the risks and volatility associated with virtual currency trading. In September 2017, the PBC issued a notice banning initial coin offerings (ICOs) and ordering all fundraising activity related to ICOs to cease immediately. In addition, cryptocurrency exchanges were ordered to shut down operations in China. The government's stance is that the regulation of virtual currency is necessary to protect consumers and prevent financial risks. However, the development of blockchain technology, which underlies virtual currencies, is encouraged and supported by the government.

Release time 2023 05 29

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