Southeast Asia Information Port News (www.dnyxxg.com) – On November 28, 2025, the People's Bank of China convened a meeting of its coordination mechanism for combating virtual currency speculation. Officials from the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Stability and Development Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People's Bank of China, the State Administration for Market Regulation, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange attended the meeting.
The meeting pointed out that in recent years, all relevant departments have earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, and in accordance with the requirements of the "Notice on Further Preventing and Handling Risks of Virtual Currency Speculation" jointly issued by the People's Bank of China and ten other departments in 2021, have resolutely cracked down on virtual currency speculation and rectified the chaos in the virtual currency market, achieving significant results. Recently, influenced by various factors, virtual currency speculation has resurfaced, and related illegal and criminal activities have occurred from time to time, posing new challenges and new situations for risk prevention and control.
The meeting emphasized that virtual currencies do not have the same legal status as legal tender, lack legal tender status, and should not and cannot be used as currency in the market. Virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, but currently cannot effectively meet requirements for customer identification and anti-money laundering, and pose a risk of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers.
The meeting required all units to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and its subsequent plenary sessions, regard risk prevention and control as the eternal theme of financial work, continue to uphold the prohibitive policy on virtual currencies, and continuously crack down on illegal financial activities related to virtual currencies. All units should deepen coordination and cooperation, improve regulatory policies and legal basis, focus on key links such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal and criminal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.
