China Reaffirms Crypto Crackdown, Ramps Up Digital Yuan Push – Caixin Global

China’s central bank on Monday reaffirmed its hardline stance on cryptocurrency trading while unveiling new initiatives to advance its state-backed digital yuan.

Speaking at the opening of the 2025 Annual Conference of Financial Street Forum in Beijing, People’s Bank of China (PBOC) Governor Pan Gongsheng said existing curbs on virtual currency activities remain fully in effect and will continue to be enforced coordination law enforcement agencies.

New digital yuan centers were launched in Shanghai (for international operations) and Beijing (for infrastructure management), aiming to expand the CBDC ecosystem.