News, data and analysis on tokenized assets, market design and digital economic systems.
A February 2026 notice from eight regulators extended the 2021 crypto ban to stablecoin issuance and to overseas tokenization by Chinese firms, channelling digital-money development exclusively through the e-CNY.
Building on the September 2021 blanket ban on crypto trading and mining, eight regulators led by the People's Bank of China issued a notice on February 6, 2026 formalising a prohibition on issuing or facilitating stablecoins, expressly barring any entity from issuing renminbi-linked stablecoins abroad without state approval, and imposing approval requirements on overseas real-world asset tokenization by Chinese companies. Mainland policy channels digital-money development exclusively through the e-CNY: the People's Bank of China opened an e-CNY International Operation Center in Shanghai in September 2025 with a cross-border digital payment platform, and deputy governor Lu Lei said e-CNY wallets would pay interest from January 1, 2026. Hong Kong's separate licensed regime continues without approval for offshore renminbi stablecoins.
| Framework | Status | Date | Note |
|---|---|---|---|
| Notice on Further Preventing and Disposing of Risks of Speculation in Virtual Currency Trading (ten-agency notice) | In force | 15 September 2021 | Declares all virtual currency business activity illegal financial activity, bans offshore exchanges serving mainland residents and prohibits crypto mining. |
| Eight-agency notice on stablecoins and real-world asset tokenization | In force | 6 February 2026 | Prohibits issuing or facilitating stablecoins, bars renminbi-linked stablecoin issuance abroad without state approval, and requires approval for overseas RWA tokenization by Chinese companies. |
| e-CNY retail and cross-border programme | In force | 1 October 2020 | Pilots across major cities and expansion to cross-border use; the People's Bank of China opened an e-CNY International Operation Center in Shanghai in September 2025 with a cross-border digital payment platform. |
| Interest on e-CNY wallet balances | In force | 1 January 2026 | Deputy governor Lu Lei announced that e-CNY wallets would pay interest from January 1, 2026. |
| CSRC and exchange rules on blockchain and digital-asset disclosure by listed companies | Guidance | 1 January 2022 | Restricts listed-company involvement in virtual currency activity and requires disclosure of blockchain business exposure. |
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The People's Bank of China launched an international operation centre for the digital renminbi in Shanghai, comprising a cross-border digital payment platform, a blockchain service platform and a digital asset platform. The central bank said the centre was intended to support internationalisation of the currency and the development of financial market services.
The working group on e-CNY research and development of the People's Bank of China published a white paper reporting that, as of 30 June 2021, pilots covered more than 1.32 million scenarios and had recorded 70.75 million transactions worth RMB 34.5bn, with 20.87 million personal wallets and 3.51 million corporate wallets opened. Pilot areas by then included Shenzhen, Suzhou, Xiong'an, Chengdu, the 2022 Beijing Winter Olympics venues, Shanghai, Hainan, Changsha, Xi'an, Qingdao and Dalian.
Bank of China settled the two largest transactions recorded on mBridge, the multi-central-bank digital currency platform, in June and July 2026. A CNY 11.3bn payment through its…
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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