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On November 28, the People's Bank of China held a coordination meeting to combat speculation in virtual currency transactions, attended by responsible comrades from 13 departments including the Ministry of Public Security and the Cyberspace Administration of China. The meeting pointed out that, influenced by various factors, speculation and hype around virtual currencies have recently been on the rise, and related illegal activities are occurring from time to time.
The meeting emphasized that virtual currencies do not have the same legal status as legal tender, and related business activities constitute illegal financial activities. As a form of virtual currency, stablecoins carry risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border capital transfers. All units will continue to adhere to prohibitive policies, focusing on key areas such as information flow and capital flow, and will severely crack down on illegal activities.