On November 28, 2025, the People's Bank of China held a meeting of the coordination mechanism for combating speculation in virtual currency trading. Responsible comrades from the Ministry of Public Security, the Central Cyberspace Affairs Commission, the Central Financial Affairs Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People's Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange attended the meeting.
The meeting pointed out that in recent years, various units have conscientiously implemented the decisions and deployments of the Party Central Committee and the State Council. According to the requirements of the notice jointly issued by the People's Bank of China and ten other departments in 2021 (on further preventing and handling the risks of speculation in virtual currency trading), a resolute crackdown on speculation in virtual currency trading has been carried out, and the disorder in the virtual currency market has been rectified, achieving significant results. Recently, affected by various factors, speculation in virtual currency has risen again, and related illegal activities have occurred from time to time, posing new risks and challenges for risk prevention and control.
The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal compensation, and should not and cannot be circulated as currency in the market; activities related to virtual currencies are considered illegal financial activities. Stablecoins are a form of virtual currency and currently cannot effectively meet requirements for customer identity verification, anti-money laundering, and other aspects, posing risks of being used for money laundering, fundraising fraud, illegal cross-border fund transfers, and other illegal activities.
The meeting requires that all units adhere to the guiding principles of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party and the subsequent plenary sessions, treat risk prevention and control as a perennial theme of financial work, continue to uphold the prohibitive policy on virtual currencies, and continue to crack down on illegal financial activities related to virtual currencies. All units should deepen collaboration, improve regulatory policies and legal basis, focus on key areas such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.
The above information is only a friendly reminder and should not be used as the basis for investment trading! Please approach it rationally! Make your own decisions! Wishing everyone success! Steady profits!
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