The regulation of virtual money has been comprehensively upgraded, with the Central Bank leading over a dozen departments in a coordinated crackdown on trading speculation.

According to official news from the People's Bank of China, a coordination mechanism meeting led by the Central Bank, involving more than ten core ministries including the Ministry of Public Security, the Central Cyberspace Affairs Commission, and the Supreme People's Court, was held with the core purpose of addressing the risks posed by the recent rise in speculation and hype around virtual money.

The meeting reaffirmed that all virtual money (including stablecoins) do not have the status of legal tender, and related business activities are considered illegal financial activities, posing serious risks such as money laundering and fraud.

To this end, the conference requires all units to adhere to the existing prohibitive policies, deepen collaboration and coordination, improve regulatory laws, focus on monitoring information and capital flows, strengthen information sharing and enforcement efforts, fundamentally protecting the property safety of the people and the stability of the economic and financial order.

In summary, this meeting clearly delineated the bottom line for the regulation of Virtual Money in China, and reiterated that all related activities are illegal financial activities. At the same time, the establishment of a multi-departmental collaborative regulatory mechanism also marks that our country's governance of Virtual Money has entered a new normalized and institutionalized stage.

#央行定调 # Virtual Money Regulation