China Crypto Crackdown 2025 to Continue as PBOC Monitors Overseas Stablecoins

China crypto crackdown 2025 will intensify as the People’s Bank of China maintains restrictions on domestic cryptocurrency activity while monitoring offshore developments, Governor Pan Gongsheng said. Speaking at a Beijing conference, Pan noted that virtual assets—particularly stablecoins—remain immature and fail to meet key standards for customer verification and anti-money-laundering compliance. He warned that the growth of stablecoins increases vulnerabilities in global finance and undermines monetary sovereignty in emerging economies. The PBOC will sustain enforcement efforts with law-enforcement agencies, keeping measures against speculation and illegal fundraising in place.