Urgent analysis of the just-released major meeting: This time it's truly different! Led by the central bank, an unprecedented number of 13 core departments were mobilized. The meeting report, though brief, carried immense weight, with every detail brimming with potential for significant disruption. The weekend for cryptocurrency enthusiasts was completely ruined by this news.
What's strange about this meeting? Three unusual points signal a strong warning!
First, there was only a press release, no official document. This is the most unusual aspect! Such a high-level joint meeting, yet no formal announcement or notice was issued afterward; only a few words from the central bank were available online. This is like a major battle where only a brief battle report was released, with the actual battle plan and troop deployment kept secret. Something is definitely amiss!
Secondly, the release time was carefully chosen. Although the meeting was held the day before, the press release was deliberately delayed until 2:30 PM today (Sunday), simultaneously released on the central bank's official website and WeChat account. Why choose the weekend? The purpose was to utilize the information vacuum period to allow market sentiment to fully ferment, giving all practitioners and investors time to "savor" this chill.
Third, the placement was extremely prominent. On the central bank's official website, this message was placed in the most central and prominent position, with the title highlighted in red and bold. This "honor" was bestowed upon the cryptocurrency community. Those in the know understand that this is no longer a simple risk warning, but rather the highest level of "key attention."
A word-by-word analysis: What exactly did the press release say?
These few short paragraphs are packed with an astonishing amount of information. The key to understanding the policy lies in punctuating carefully and grasping the main points.
The core of the title is "Work Coordination Mechanism Meeting," not simply "Crackdown on Hype." This signifies that a normalized, institutionalized, cross-departmental joint regulatory system has been established and is now operational. This is no longer a temporary, "campaign-style" crackdown, but the beginning of a protracted and systemic battle.
The official statement explicitly reiterated and upgraded the spirit of the "924 Document" (i.e., the "Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation" jointly issued by ten ministries in 2021). This time, the number of participating departments increased from 10 to 13, with the newly added Central Financial Affairs Commission, the State Financial Regulatory Commission, and the Ministry of Justice all being heavyweights. This signifies that the regulation of virtual currencies has risen to the top level of national financial security and judicial governance.
The most fatal blow: a complete definition of "stablecoins"!
The press release specifically emphasized that "stablecoins are a form of virtual currency." This statement directly dashed any hopes of compliance or innovation under the guise of "stablecoins." The release explicitly stated that stablecoins cannot meet anti-money laundering requirements and are primarily used for illicit activities. From then on, stablecoin-related businesses were equated with all illegal financial activities involving virtual currencies.
The impact on ordinary people: It's not just about arresting you, it's about making it "impossible to move an inch."
Many people are worried about whether they will get arrested. According to existing regulations, the act of ordinary users holding and trading cryptocurrency does not directly constitute a crime (but it is a violation, and losses are borne by the user). The real killer move of this meeting lies in the second half of the statement: "Focusing on key links such as information flow and capital flow, strengthening information sharing, and further improving monitoring capabilities."
In other words, data from various departments will be integrated, and banks, payment institutions, and internet platforms will work together to conduct comprehensive monitoring of accounts, fund flows, and online information related to cryptocurrency transactions. The result is that deposits and withdrawals will become extremely difficult and risky. Every on-chain transfer you make could be exposed to regulatory scrutiny.
Future prediction: Winter has arrived, and there will be no spring.
1. The path to compliance is completely blocked: The meeting's tone of "continuing to adhere to the prohibitive policy" means that any attempt at compliance in the short term is futile. Discussing "how to comply" is meaningless; the question now is "whether it is allowed to exist."
2. The iron fist of law is about to fall: The involvement of the Ministry of Justice and other departments indicates that stricter judicial interpretations or administrative regulations are likely to be introduced in the future, providing stronger legal weapons to combat crime and potentially expanding the risk boundaries of criminal liability.
3. The industry's survival space is shrinking to its limit: Under sustained pressure, related domestic businesses (OTC, news, communities, etc.) will shrink rapidly or go underground. Practitioners face a zero-sum game: either leave or take enormous risks.
4. Market confidence suffers a severe blow: Although prices may not plummet immediately, this systemic negative attitude from the top will freeze market sentiment for a long time. Incremental funds and users will plummet, and industry liquidity will dry up.
Final words
This is not a routine regulatory reiteration, but a comprehensive strategic upgrade and a full-scale mobilization to crack down on it. It signals the end of all attempts at financialization and commercialization related to virtual currencies within China.
For ordinary investors, the primary task now is not analyzing price fluctuations, but managing their own risk: assessing the security of their deposit and withdrawal channels and preparing to completely isolate themselves from mainstream financial channels. This circle is turning into an extremely dangerous, frozen wasteland.
Winter is here; survival is more important than anything else.