China Ranks 2nd Globally in P2P Crypto Transfers Despite Strict Ban

Chainalysis's 2026 Global Crypto Adoption Index reveals that China ranks 12th overall, despite a comprehensive ban on virtual currency trading. Notably, the country holds the 2nd position globally in domestic peer-to-peer (P2P) wallet transfers, trailing only Nigeria. Global P2P transfer volume surged by 302.9% to $228.7 billion, with 96% of the activity involving stablecoins. The People's Bank of China has continued to tighten regulations, recently reiterating that virtual currency exchanges and stablecoin-related services are illegal financial activities.