A few sentences to explain the recent meeting of the People's Bank of China coordinating 13 departments to combat speculation in virtual currency trading.

---First, the conclusion: No projects are being undertaken, only personal trading. Pay attention to the safety of fund inflows and outflows, pay attention to the safety of fund inflows and outflows, pay attention to the safety of fund inflows and outflows.---

1. Background:

Domestic virtual currency activities are on the rise, using stablecoins and RWA gimmicks to package fake legitimate projects, posing risks of asset loss for the people, capital outflow, and disruption of financial order.

2. Content:

Not much different from 924; continue to reiterate the original rules, but emphasize the issue of stablecoins (stablecoins are virtual currencies and not currencies).

3. Impact on institutions:

Still cannot participate in activities related to virtual currencies.

4. Impact on individuals:

Particularly pay attention to fund inflows and outflows, as monitoring has become stricter and the scope of crackdown has widened. Once fund inflows and outflows involve dirty money, problems will arise.

5. Future outlook:

This meeting has included three more departments than the 924 meeting in 2021: the China Securities Regulatory Commission, the National Development and Reform Commission, and the Ministry of Justice.

The inclusion of the China Securities Regulatory Commission marks an upgrade from past financial regulation to national coordination, proving that the future will see greater attention from the top levels of the state on the impact of virtual currencies on the overall financial system, enhancing the level of attention and coordination.

The inclusion of the National Development and Reform Commission proves that the state will strictly investigate projects that require approval and contain virtual currency content, highlighting the importance at the approval level.

The inclusion of the Ministry of Justice indicates that the state will begin to fill the legal gaps regarding virtual currencies in the future, improving the laws, which highlights the importance at the judicial level.