According to a senior official at the Ministry of Public Security, at least 1 trillion yuan ($145.5 billion US dollars) flows out of China into gambling activities every year, aggravating the country’s economic and financial risks. China's foreign exchange and international trade agency, State Administration of Foreign Exchange (SAFE), who manages over $3.5 trillion in assets, said it would strengthen its supervision of the foreign exchange markets to crack down on crimes such as “underground banks” and cross-border gambling. China has already banned trading of digital currencies and banned initial coin offerings (ICOs), but it is not illegal to own digital currencies.

South China Morning Post (Sept 25, 2020)