China's regulatory authorities have for the first time explicitly defined stablecoins as a form of virtual money in formal documents, incorporating them into the regulatory framework for illegal financial activities. All the ambiguity, speculation, and loopholes surrounding stablecoins in the past few years have now completely disappeared. This article is sourced from a piece written by Mankun Blockchain Legal Services, organized, translated, and authored by Techflow. (Background: The People's Bank of China announced a united action to "crack down on speculation in cryptocurrency trading": stablecoins and others are considered illegal financial activities) (Supplementary background: $4.6 billion in stablecoin trading volume "drowns South Africa", the Central Bank is worried: it poses a risk to the financial system, and the sovereignty of the Rand currency is challenged) The industry no longer needs to repeatedly test around "gray possibilities". This was a meeting on the 28th, the importance of which far exceeds the news headlines themselves. A complete set of "national-level supervision" from the Ministry of Public Security, the Cyberspace Administration, the Central Financial Office, the two high courts, the State Administration of Foreign Exchange, the China Securities Regulatory Commission, and the Financial Regulatory Bureau, etc.