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 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)

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