China's Crypto Transfer Activity Thrives Despite Ban
China's domestic peer-to-peer crypto wallet transfers have continued to thrive despite the country's ban on virtual currency exchanges and trading, according to the 2026 Global Crypto Adoption Index.
The index, released on September 23, ranked China second globally for domestic peer-to-peer activity, following Nigeria and ahead of Brazil.
China placed 12th among 117 countries overall in the index. The measure covers transfers made directly between individual wallets within the same country, excluding exchanges and other platforms.
The People's Bank of China has tightened restrictions on virtual currencies this year, including a notice issued in February that prohibits domestic exchanges between fiat currency and virtual currencies, as well as exchanges among virtual currencies.