Pan Gongsheng: The People's Bank of China will continue to work with law enforcement agencies to crack down on the operation and speculation of domestic virtual currencies and maintain economic and financial order

Pan Gongsheng, governor of the People's Bank of China, said at the 2025 Financial Street Forum Annual Meeting today that in recent years, virtual currencies issued by market institutions, especially stablecoins, have been emerging, but the overall development is still in the early stage. International financial organizations and central banks and other financial management departments are generally cautious about the development of stablecoins. 10 days ago, at the IMF/World Bank Annual Meeting held in Washington, stablecoins and the financial risks they may generate became one of the most discussed topics among finance ministers and central bank governors of various countries. The more common views mainly focused on the fact that stablecoins, as a financial activity, cannot effectively meet the basic requirements of customer identification and anti-money laundering at this stage. This has magnified the loopholes in global financial supervision, such as money laundering, illegal cross-border transfer of funds, and terrorist financing. The atmosphere of market speculation and speculation is strong, which has increased the fragility of the global financial system and impacted the monetary sovereignty of some less developed economies. Since 2017, the People's Bank of China, together with relevant departments, has successively issued a number of policy documents on preventing and handling the risk of speculation in domestic virtual currency transactions. These policy documents are still valid. In the next step, the People's Bank of China will work with law enforcement agencies to continue to crack down on the operation and speculation of domestic virtual currencies, maintain economic and financial order, and closely track and dynamically evaluate the development of overseas stablecoins.