Historical regulatory document
Notice on Preventing Bitcoin Risks
AI summary
The 2013 notice is an important node in the regulatory history of virtual currencies in mainland China. It defines Bitcoin's character and the business boundaries of financial and payment institutions.
This entry checks the historical position against the regulator's 2026 policy Q&A and does not treat the historical document alone as a basis for current business conclusions.
Who this applies to: Financial and payment institutions, Bitcoin trading platforms, related service providers and users
Implementation status: A historical document; current assessments follow the 2026 and later rules
- Recognise Bitcoin's non-currency character
- Restrictions on related business of financial and payment institutions
- Trading platforms required to complete registration and AML obligations
- Is the historical document cited only to explain the regulatory history?
- Is the current business already covered by the 2026 rules?
- Have the roles of financial, payment and platform entities changed?
Notice of the People's Bank of China, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission on Preventing Bitcoin Risks
Recently, so-called 'Bitcoin', generated through computation by a specific computer program, has attracted widespread international attention. Some institutions and individuals in China have also taken the opportunity to speculate in Bitcoin and related products. To protect the public's property rights and interests, safeguard the status of the renminbi as legal tender, prevent money-laundering risks and maintain financial stability, the following matters are hereby notified pursuant to relevant laws and regulations, including the Law of the People's Republic of China on the People's Bank of China, the Anti-Money Laundering Law of the People's Republic of China, the Commercial Bank Law of the People's Republic of China and the Telecommunications Regulations of the People's Republic of China:
I. Correctly understand the attributes of Bitcoin
Bitcoin has four principal characteristics: no centralized issuer, a limited total supply, use without geographical restrictions, and anonymity. Although Bitcoin is referred to as a 'currency', it is not currency in the true sense because it is not issued by a monetary authority and lacks monetary attributes such as legal tender status and compulsory acceptance. In terms of its nature, Bitcoin should be regarded as a particular type of virtual commodity. It does not have a legal status equivalent to currency and cannot and should not circulate or be used as currency in the market.
II. Financial institutions and payment institutions must not conduct Bitcoin-related business
At the present stage, financial institutions and payment institutions must not price products or services in Bitcoin; buy or sell Bitcoin or act as a central counterparty in its purchase or sale; underwrite Bitcoin-related insurance or include Bitcoin within insurance coverage; or directly or indirectly provide customers with other Bitcoin-related services. Such services include providing Bitcoin registration, trading, clearing or settlement; accepting Bitcoin or using it as a payment or settlement instrument; exchanging Bitcoin for renminbi or foreign currencies; conducting Bitcoin storage, custody, collateral or similar business; issuing Bitcoin-related financial products; and treating Bitcoin as an investment target for trusts, funds or other investments.
III. Strengthen the administration of Bitcoin websites
Under the Telecommunications Regulations of the People's Republic of China and the Measures for the Administration of Internet Information Services, websites providing Bitcoin registration, trading or similar services shall complete filing procedures with the telecommunications regulatory authorities.
Based on determinations and opinions on penalties from the relevant authorities, telecommunications regulatory authorities shall close unlawful Bitcoin websites in accordance with the law.
IV. Prevent potential money-laundering risks associated with Bitcoin
All branches of the People's Bank of China shall closely follow developments and trends concerning Bitcoin and other similar virtual commodities characterized by anonymity and ease of cross-border circulation, carefully assess money-laundering risks, and study and formulate targeted preventive measures. Each branch shall bring institutions lawfully established within its jurisdiction that provide Bitcoin registration, trading or similar services within anti-money laundering supervision and urge them to strengthen anti-money laundering monitoring.
Websites providing Bitcoin registration, trading or similar services shall effectively fulfil their anti-money laundering obligations, identify users, require real-name registration, and record information such as names and identity card numbers. Financial institutions, payment institutions and websites providing Bitcoin registration, trading or similar services shall immediately report suspicious transactions involving Bitcoin or other virtual commodities to the China Anti-Money Laundering Monitoring and Analysis Center and cooperate with anti-money laundering investigations by the People's Bank of China. Indications of fraud, gambling, money laundering or other crimes committed using Bitcoin shall be promptly reported to public security authorities.
V. Strengthen public education on money and warnings about investment risks
All departments, financial institutions and payment institutions shall use monetary concepts correctly in their daily work and place emphasis on educating the public about money. Financial literacy activities shall incorporate a correct understanding of money, a proper view of virtual commodities and virtual currencies, rational investment, appropriate control of investment risks, and protection of one's own property, guiding the public towards sound concepts of money and investment.
Financial regulatory authorities may formulate relevant implementing rules pursuant to this Notice.
The Shanghai Head Office, branches, operations offices, and central sub-branches in provincial capitals of the People's Bank of China are requested to forward this Notice to local financial institutions and payment institutions within their jurisdictions. Any new circumstances or issues arising during implementation shall be promptly reported to the People's Bank of China.
Contact: Zhang Niannian; telephone: 010-66194489
People's Bank of China; Ministry of Industry and Information Technology; China Banking Regulatory Commission; China Securities Regulatory Commission; China Insurance Regulatory Commission
3 December 2013
Mankun reference translation; not an official translation. The Chinese original prevails. This reproduces the complete notice attached to the official release, not the introductory news text.