On November 28, 2025, the People's Bank of China held a meeting to coordinate efforts to combat the speculation and trading of Virtual Money.

The meeting aims to further strengthen the prevention and control of risks related to Virtual Money and maintain economic and financial order.
Attending units include heads from the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial 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 National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and several other departments.

Conference Background and Achievements
Review of Policy Foundations: The meeting reviewed the implementation of the decisions and deployments of the Central Committee of the Communist Party of China and the State Council by various departments in recent years, especially the "Notice on Further Preventing and Handling the Risks of Virtual Money Trading Speculation" jointly issued by the People's Bank of China and ten other departments in 2021. By resolutely cracking down on virtual money trading speculation and rectifying market irregularities, significant results have been achieved.
Current Situation: Recently, due to various factors, speculation and hype in Virtual Money have risen, and related illegal activities (such as money laundering, fundraising fraud, and illegal cross-border fund transfers) have occurred from time to time, posing new challenges for risk prevention and control.

Core Emphasis and Risk Warning
Virtual Money positioning: Virtual Money does not have the status of legal tender, does not possess the characteristics of legal currency, and cannot be used as currency for circulation in the market. Related business activities are deemed illegal financial activities.
Stablecoin Risks: It is particularly noted that stablecoins belong to the category of Virtual Money, and currently, they are difficult to meet regulatory requirements such as customer identity verification and anti-money laundering, which poses a risk of being misused for money laundering, fundraising fraud, and illegal cross-border fund transfers. @solsticefi has a long way to go.
Potential Risks: The meeting emphasized that the active use of virtual money may disrupt financial order, and it is necessary to prevent it from being used to evade regulation or illegally transfer funds.

Future Work Deployment
Strengthen coordination: Various departments will further enhance regulatory cooperation, establish a normalized working mechanism, coordinate online monitoring, offline inspections, and fund monitoring, and improve risk identification efficiency.
High-pressure situation: Maintain a strict crackdown on the speculation of Virtual Money trading, dynamically monitor risks, and uphold economic and financial stability.
Regulatory Attitude: The policy's prohibitive stance remains unchanged, and the full-chain regulation of information flow and capital flow will be further strengthened.

The above.