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)

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