The People’s Bank of China (PBoC) just released a new circular expanding the current ban on cryptocurrencies and other related technologies in the country. China’s central banking institution [machine translated] broadened the 2021 restrictions to include real-world asset (RWA) tokenization, even including offshore tokenization of domestic assets and rights, unless approved by a regulated body. Aside from the PBoC, seven other agencies signed the announcement, including the Ministry of Industry and Information Technology (MIIT), which oversees China’s telecommunications and internet infrastructure.
The new circular also banned internet providers from promoting, hosting, or even providing cryptocurrency and RWA traffic. “Internet companies must not provide services such as online business venues, commercial displays, marketing promotions, or paid traffic‑diversion for activities related to virtual currencies or real‑world asset tokenization. When they discover clues indicating illegal or non‑compliant activities, they must promptly report them to the relevant authorities and provide technical support and assistance for related investigations,” the document said. “Cyberspace, telecommunications, and public security authorities shall, based on leads transferred by financial regulatory departments, promptly shut down and handle websites, mobile applications (including mini‑programs), and public accounts that engage in virtual‑currency‑related or real‑world‑asset‑tokenization‑related business activities, in accordance with the law.”
