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

On November 29 (UTC+8), the People's Bank of China convened a coordination meeting on combating virtual currency trading speculation. The meeting pointed out that, due to various factors recently, speculation in virtual currencies has resurged, and related criminal activities occur from time to time, posing new situations and challenges for risk prevention and control.

The meeting emphasized that virtual currencies do not have the same legal status as fiat currency, are not legally recognized as tender, 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; currently, they fail to effectively meet requirements for customer identification, anti-money laundering (AML), and other aspects, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and unauthorized cross-border fund transfers.

The meeting required continuing adherence to the prohibitive policy on virtual currencies and the ongoing crackdown on illegal financial activities related to them. All relevant agencies must deepen coordination and cooperation, improve regulatory policies and legal foundations, focus on key links such as information flows and capital flows, strengthen information sharing, further enhance monitoring capabilities, severely crack down on criminal activities, protect the public's property safety, and maintain stability in economic and financial order.

Responsible officials from the Ministry of Public Security, Cyberspace Administration of China, Central Financial Commission, Supreme People's Court, Supreme People's Procuratorate, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Justice, People's Bank of China, State Administration for Market Regulation, National Financial Regulatory Administration, China Securities Regulatory Commission, and State Administration of Foreign Exchange attended the meeting.

[People's Bank of China]