A new round of cryptocurrency regulation has officially arrived. Following reports from 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 to plan a crackdown on virtual currency phenomena within China.

The content references the regulatory storm of May 19, 2021, and points out the recent surge in speculation and hype surrounding virtual currencies in China.

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