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

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]