On November 28th, the People's Bank of China held a meeting regarding its coordination mechanism for combating speculation in virtual currencies.

The meeting emphasized that virtual currencies do not have the same legal status as fiat currency, lack legal tender status, and should not and cannot be used as currency in the market. It stated that virtual currency-related business activities constitute illegal financial activities.

Stablecoins are a form of virtual currency, and currently cannot effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers.

[PANews]

On November 29 (UTC+8), the People's Bank of China convened a coordination meeting on combating virtual currency trading speculation. The meeting pointed out that, due to various factors recently, speculation in virtual currencies has resurged, and related criminal activities occur from time to time, posing new situations and challenges for risk prevention and control.

The meeting emphasized that virtual currencies do not have the same legal status as fiat currency, are not legally recognized as tender, and should not and cannot be used as currency in market circulation. Activities related to virtual currencies constitute illegal financial activities. Stablecoins are a form of virtual currency; currently, they fail to effectively meet requirements for customer identification, anti-money laundering (AML), and other aspects, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and unauthorized cross-border fund transfers.

The meeting required continuing adherence to the prohibitive policy on virtual currencies and the ongoing crackdown on illegal financial activities related to them. All relevant agencies must deepen coordination and cooperation, improve regulatory policies and legal foundations, focus on key links such as information flows and capital flows, strengthen information sharing, further enhance monitoring capabilities, severely crack down on criminal activities, protect the public's property safety, and maintain stability in economic and financial order.

Responsible officials from the Ministry of Public Security, Cyberspace Administration of China, Central Financial Commission, Supreme People's Court, Supreme People's Procuratorate, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Justice, People's Bank of China, State Administration for Market Regulation, National Financial Regulatory Administration, China Securities Regulatory Commission, and State Administration of Foreign Exchange attended the meeting.

[People's Bank of China]

SOSO

People's Bank of China convened a meeting of the working coordination mechanism to combat virtual currency trading and speculation.

On November 28th, the People's Bank of China convened a meeting of the working coordination mechanism to combat virtual currency trading and speculation. Relevant officials from the Ministry of Public Security, the Central Cyberspace Administration, the Supreme People's Court, and the Supreme People's Procuratorate attended the meeting.

The meeting pointed out that virtual currency speculation has recently rebounded, and related illegal and criminal activities occur from time to time. The meeting reiterated that virtual currencies do not have legal compensation properties, and specifically pointed out that stablecoins, as a form of virtual currency, cannot effectively meet customer identification and anti-money laundering requirements, and there is a risk of being used for money laundering and illegal cross-border transfer of funds.

All departments will continue to adhere to the "prohibition policy" on virtual currencies, focusing on information flow, capital flow and other aspects, and continue to severely crack down on related illegal financial activities.

[Odaily]

Central bank holds meeting to crack down on virtual currency trading and speculation, emphasizing stablecoin risks

On November 29, the People's Bank of China convened a coordination meeting on cracking down on virtual currency trading speculation.

The meeting emphasized that virtual currencies do not have the same legal status as fiat money, are not legally redeemable, and should not and cannot be used as currency in market circulation. Activities related to virtual currencies constitute illegal financial activities. Stablecoins are a form of virtual currency that currently fail to effectively meet requirements for customer identification, anti-money laundering, and other aspects, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and unauthorized cross-border fund transfers. (People's Bank of China website)

[BlockBeats]

People's Bank of China convened a meeting of the working coordination mechanism to combat virtual currency trading and speculation

On November 29, the People's Bank of China convened a meeting of the working coordination mechanism to combat virtual currency trading and speculation.

The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not have legal compensation, and should not and cannot be used as currency in the market. Virtual currency-related business activities are illegal financial activities. Stablecoins are a form of virtual currency and currently 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, fundraising fraud, and illegal cross-border transfer of funds. (People's Bank of China website)

[律动]

The People's Bank of China held a meeting of the coordination mechanism for cracking down on virtual currency trading and speculation. The meeting pointed out that, due to various recent factors, speculation in virtual currencies has resurged, with related criminal activities occurring from time to time, posing new situations and challenges for risk prevention and control.

The meeting emphasized that virtual currencies do not have the same legal status as fiat currency, are not legally recognized as tender, and should not and cannot be used as money in market circulation. Activities related to virtual currencies constitute illegal financial activities. Stablecoins are a form of virtual currency; currently, they fail to effectively meet requirements for customer identification, anti-money laundering (AML), and other aspects, carrying risks of being used for illegal activities such as money laundering, fundraising fraud, and unauthorized cross-border fund transfers.

The meeting called for maintaining the existing prohibitive policy toward virtual currencies and continuing to crack down on illegal financial activities involving virtual currencies. All relevant agencies must deepen coordination and cooperation, improve regulatory policies and legal foundations, focus on key links such as information flows and capital flows, strengthen information sharing, further enhance monitoring capabilities, severely punish criminal activities, protect the property safety of the public, and safeguard the stability of economic and financial order.

Responsible officials from the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Commission Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People's Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission (CSRC), and the State Administration of Foreign Exchange attended the meeting.

[ChainCatcher]

On November 28, the People's Bank of China held a coordination mechanism meeting, emphasizing that virtual currencies do not have the same legal status as legal tender, are not legal tender, and should not and cannot be used as currency in market circulation; related business activities are illegal financial activities.

Stablecoins are a form of virtual currency and currently 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, fundraising fraud, and illegal cross-border transfer of funds.

[Wu Blockchain]

The People's Bank of China convened a meeting of its coordination mechanism for combating speculation in virtual currency trading.

On November 29 (UTC+8), according to Jinshi, on November 28, the People's Bank of China convened a coordination mechanism meeting on 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 and currently 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, fundraising fraud, and illegal cross-border transfer of funds.

[PANews]

The People's Bank of China convenes a meeting of the coordination mechanism for cracking down on virtual currency trading speculation

On November 29th, according to Jinshi News, on November 28, 2025, the People's Bank of China convened a coordination mechanism meeting to combat virtual currency trading and speculation. 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 and currently 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, fundraising fraud, and illegal cross-border transfer of funds.

[TechFlow]

Meeting of the Working Coordination Mechanism for Cracking Down on Virtual Currency Trading and Speculation Held

The People's Bank of China convened a meeting of the working coordination mechanism to combat virtual currency trading and speculation. 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 and currently 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, fundraising fraud, and illegal cross-border transfer of funds.

[Foresight News]

Meeting of the Coordination Mechanism for Combating Virtual Currency Trading and Speculation Held

11月28日，中国人民银行召开会议，讨论其打击虚拟货币投机活动的协调机制。

会议强调，虚拟货币不具有与法定货币同等的法律地位，缺乏法偿性，不应也不能作为货币在市场上流通使用。会议指出，与虚拟货币相关的商业活动构成非法金融活动。

稳定币是一种虚拟货币，目前无法有效满足客户识别和反洗钱的要求，存在被用于洗钱、集资诈骗和非法跨境资金转移的风险。

[PANews]

中国人民银行召开了打击虚拟货币交易炒作协调机制会议。

11 月 28 日，中國人民銀行召開會議，討論其打擊虛擬貨幣投機的協調機制。

會議強調，虛擬貨幣不具有與法定貨幣同等的法律地位，缺乏法償性，不應也不能作為貨幣在市場上使用。會議指出，與虛擬貨幣相關的商業活動構成非法金融活動。

穩定幣是一種虛擬貨幣，目前無法有效滿足客戶身份識別和反洗錢的要求，存在被用於洗錢、集資詐騙和非法跨境資金轉移的風險。

[PANews]