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

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]