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

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]