: The People’s Bank of China (PBoC) declared all cryptocurrency transactions illegal in September 2021.

: Prohibiting the naming or registration of entities that support crypto activity.

: Banning unauthorized offshore issuance of yuan-pegged stablecoins.

: Chinese entities were critical early backers; Wanxiang Blockchain Lab contributed $500,000 to the Ethereum Foundation in 2015 during its most challenging period.

The Era of Restriction: From "Ban 1.0" to "Ban 2.0" (2021–2026)