The People's Bank of China (PBOC) bans all crypto-related financial activities, including cryptocurrency trading, token sales, derivative virtual currency-related transactions, and fundraising activities. illegal. The PBOC also banned financial institutions, payment companies, and internet companies from facilitating cryptocurrency transactions. According to the PBOC, in recent years, "the trading and speculation of Bitcoin and other virtual currencies has become widespread, disrupting the economic and financial order, giving rise to money laundering and mobilization activities. capital, fraud, multi-level fraud as well as other illegal and criminal activities.