On November 28, 2025, the People's Bank of China held a meeting on the coordination mechanism for combating speculation in virtual currency transactions. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal compensation, should not and cannot be used as currency in the market, and virtual currency-related business activities are illegal financial activities.
Stablecoins are a form of virtual currency. At present, they cannot effectively meet the requirements of customer identification, anti-money laundering, etc., and there is a risk of being used for illegal activities such as money laundering, fund-raising fraud, and illegal cross-border transfer of funds. (People's Bank of China website)
People's Bank of China: Stablecoins are a form of virtual currency, and virtual currency-related business activities are illegal financial activities
2025-11-29 06:35:50
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