China is stepping up digital asset regulation, with the central bank reinforcing oversight of crypto assets and advancing the digital yuan system this month. The digital yuan, or e-CNY, is evolving from digital cash to digital deposit money, operating more like a bank account. As of November 2025, it had processed 3.48 billion transactions, 16.7 trillion RMB in value, with 230 million users and 19 million companies using wallets. Officials warned of risks like shadow banking and loss of monetary