A new round of cryptocurrency regulation has officially arrived. Following Xinhua News Agency and WeChat, the People's Bank of China has just issued a statement indicating that it has coordinated with 11 government departments including the Ministry of Public Security and the Cyberspace Administration, planning to crack down on the phenomenon of virtual currencies within China.

The content references the regulatory storm from May 19, 2021, highlighting the recent rise in speculation and hype surrounding virtual currencies within China.

It also reiterates that activities related to virtual currencies are considered illegal financial activities within the country, and this time it specifically mentioned stablecoins.