The People's Bank of China held a coordination meeting on combating virtual currency trading speculation

The People's Bank of China held a coordination meeting to combat speculation and trading of virtual currencies. The meeting pointed out that, influenced by various factors, speculation in virtual currencies has recently increased, and related illegal activities have occurred 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 legal tender, do not have legal compensation, and should not and cannot be circulated as currency in the market. Activities related to virtual currencies are considered illegal financial activities. Stablecoins are a form of virtual currency that currently cannot 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 illegal cross-border fund transfers.

The meeting required continued adherence to prohibitive policies on virtual currencies and ongoing efforts to combat illegal financial activities related to virtual currencies. All units should deepen cooperation, improve regulatory policies and legal foundations, focus on key areas such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.

Responsible comrades 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, and the State Administration of Foreign Exchange attended the meeting.