China's Communist Party Calls for Crackdown on Corruption Using Crypto and Blockchain
China Adds Crypto and Blockchain to Anti-Corruption Push
China's ruling Communist Party has called for a crackdown on corruption carried out through virtual currency (digital money not issued by a central bank) and blockchain (a shared digital record of transactions). The call is part of a decision adopted by the Party's Central Committee on Oct. 29 and published by state news agency Xinhua on Nov. 1. It falls under a broader campaign for stricter internal discipline.
Key Points
- The directive mentions virtual currency, blockchain, cross-border funds, and the internet in one sentence about fighting corruption.
- It does not name Bitcoin and says nothing about crypto trading, mining, or stablecoins (a crypto token tied to another asset, such as a national currency).
- China has treated virtual currency business on the mainland as illegal financial activity since at least 2021.
What the Central Committee Decision Says
The decision calls on the Party to "resolutely crack down on corruption carried out through the internet, virtual currency, cross-border funds, blockchain and the like." It also urges officials to "dig deep into new and hidden types of corruption," listing expected gains, agreed proxy holding, "white gloves," and the official-business "revolving door." Xinhua published the full text on Nov. 1.
China's Long Record of Crypto Restrictions
China's restrictions on cryptocurrency go back several years. In December 2013, regulators barred banks from handling Bitcoin transactions. In September 2017, authorities banned initial coin offerings and exchanges serving people in China. In September 2021, the central bank and other agencies declared all crypto transactions illegal and moved against mining. A central bank-led notice on Feb. 6 restated that virtual currency business on the mainland is illegal financial activity and barred offshore yuan-pegged stablecoins and unapproved tokenization of real-world assets.
What Is Confirmed
The Central Committee decision adopted on Oct. 29 includes virtual currency and blockchain in its anti-corruption language. The decision does not name Bitcoin or address trading, mining, or stablecoins.
What Is Still Unclear
The sources do not explain how the Party will enforce the anti-corruption language related to virtual currency and blockchain. They also do not announce new rules for crypto trading, mining, or stablecoins.
Why This Matters
The directive places virtual currency and blockchain inside China's official anti-corruption framework. It shows continued official scrutiny of how Party members might use these tools, while leaving existing bans on transactions and mining in place.
What Happens Next
The sources do not provide a timeline or specific next steps for enforcing the new anti-corruption language.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.