At a glance
- A Communist Party resolution adopted on 29 Oct and published in full on 1 Nov commits the party to “resolutely combat” corruption carried out through the internet, virtual currency, cross-border funds and blockchain (translated).
- The text names no exchanges, tokens or stablecoins and does not change China’s existing ban on crypto trading.
China’s Communist Party has written virtual currency and blockchain into its anti-corruption plans, in a resolution of its Central Committee that state news agency Xinhua published in full on Sunday.
The resolution, on “persevering with full and rigorous party self-governance”, was adopted at the fifth plenary session of the 20th Central Committee on 29 Oct. Xinhua also posted an English version as an attachment.
What the text says
The crypto line sits in section seven, on fighting corruption. The party says it will dig into “new types of corruption and hidden corruption”, such as promised future benefits, agreed proxy holdings, “white gloves” (intermediaries who hold assets for officials) and the revolving door between government and business (translated).
It then says it will “resolutely combat corruption carried out using the internet, virtual currency, cross-border funds, blockchain and other means” (translated). The original reads: 坚决打击利用互联网、虚拟货币、跨境资金、区块链等实施的腐败行为.
The same section calls for deeper international anti-corruption cooperation, stronger efforts to catch fugitives and recover stolen assets, and more cross-border corruption cases.
It also asks for a digital discipline-inspection system and a “big data supervision platform” for public power, to keep up with “new trends and new characteristics of corruption” (translated).
What it does not say
The resolution is about party discipline, not markets. It sets no new rule for crypto trading or mining, names no exchange or token, and gives no figures.
Context
Mainland China has banned crypto trading and related services since a 2021 People’s Bank of China notice, while promoting blockchain as state infrastructure, including a national blockchain network due by 2030.
No implementing rules for the crypto line have been published. For the rest of the region’s week, see our Asia Ten.
This article is for information only and is not investment advice.