Unverified reports spread across social-media platforms on 3 Aug. claiming that Beijing had "officially" imposed a fresh ban on cryptocurrency trading, mining and related services, purportedly citing financial risks, capital-flight concerns and environmental impacts. As of midday Beijing time, neither the People’s Bank of China nor other Chinese regulators had released any new directive. Commentators highlighted that a sweeping prohibition on crypto transactions has been in force since September 2021 and was reinforced by an enforcement notice on 3 June 2025, suggesting the latest headlines recycle earlier edicts rather than reflect a policy change. China’s 2021 rules outlawed all digital-asset dealings and ordered domestic exchanges to close, while the June 2025 guidance instructed companies to cut remaining ties to offshore platforms and accelerate the shutdown of mining operations. Industry analysts said the absence of fresh documentation points to continuity, not escalation, in Beijing’s stance toward digital assets.