Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Block · Real asset restrictions

Bans on cryptocurrency trading and exchange businesses

What it is
Declare crypto trading, exchange services or associated fundraising unlawful, including services supplied by foreign platforms. Some jurisdictions also deny civil enforcement of related investments.
Why it counts
Closing crypto markets obstructs an alternative asset and cross-border transfer route outside the regulated domestic savings system.

When it was in force

  • China: 2021 → now, in force; the rule may be older than the cited document

Example

  1. China

    2021 → nowIn force

    The rule may be older than the cited document · As cited: 2021-present; reaffirmed November 2025

    Virtual-currency-related activities are deemed illegal financial activities; authorities keep a prohibitive stance and extended it to stablecoins in 2025.

    PBOC and nine other departments, Notice on Further Preventing and Resolving the Risks of Virtual Currency Trading and Speculation (2021), reaffirmed at the November 2025 coordination-mechanism meetingPrimary source
    “Activities related to virtual currencies are deemed illegal financial activities.”

    pbc.gov.cn (opens in a new tab)Checked: quote matched on the page by script

    China today: index 59.5

Examples and their dates reviewed .