On November 28, the People's Bank of China held a meeting to coordinate efforts to combat speculation in virtual currency trading. The meeting emphasized that virtual currency does not have the same legal status as legal tender, does not have the characteristics of currency, and should not and cannot be circulated as currency in the market. Activities related to virtual currency are considered illegal financial activities. Stablecoins are a form of virtual currency that currently cannot effectively meet requirements for customer identification, anti-money laundering, and pose risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers. Many friends may not understand what impact this has on the crypto space. From the central bank's perspective, anti-money laundering remains a focus, and the use of cryptocurrencies for money laundering will continue to be a key target for crackdown, as anti-money laundering has been the central bank's top priority this year. From the internet perspective, the promotion and marketing of crypto-related businesses on the internet and social media may continue to be cleared and targeted. From the public security perspective, illegal fundraising, fraud, and pyramid schemes are also current focal points for enforcement. Additionally, fraudulent activities involving cryptocurrencies will be long-term targets for crackdown. However, normal buying and selling activities are not significantly affected, and there is no need for everyone to worry too much.