China's firm stance on currencies in China: Bitcoin and related cryptocurrencies remain excluded

NotAFinancialAdvice · 2026-02-22T09:17:28+00:00

The People's Bank of China, alongside seven government departments, reiterated that cryptocurrencies like Bitcoin, Ethereum, and Tether are not recognized as legal tender in China. This firm stance underscores their role as unregulated digital assets and highlights China's strategy to maintain strict control over digital asset circulation while protecting its financial system from competition with digital yuan.

NotAFinancialAdvice

2026-02-22 09:17:28

Abstract generation in progress

The People’s Bank of China has reaffirmed, in coordination with seven other government departments, an unequivocal stance: virtual currencies such as Bitcoin, Ethereum, and Tether do not have the status of legal tender in China. This official statement emphasizes that these cryptocurrencies remain mere digital assets created outside any official monetary issuance framework.

Bitcoin, Ethereum, and Tether: assets without legal recognition

According to NS3.AI, the government communiqué clearly states that virtual currencies cannot be used as official means of payment on Chinese markets. This exclusion underscores the authorities’ commitment to maintaining strict control over the circulation of digital assets within the national economy.

A regulatory strategy aligned with China’s monetary policy

This reaffirmation continues the restrictive approach adopted by Chinese regulators toward cryptocurrencies. China maintains a consistent policy: protecting the integrity of the financial system by preventing virtual currencies from competing with the digital yuan and traditional monetary instruments. The regulatory framework remains unchanged, restricting the use of digital assets and aiming to direct investors toward secure, compliant investment channels.

BTC-1.34%

ETH-1.74%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes