The meeting of the coordination mechanism for combating virtual money trading speculation was held on November 28, 2025. The People's Bank of China convened a meeting on combating virtual money trading speculation. Responsible comrades from the Ministry of Public Security, the Central Cyberspace Affairs Commission, the Central Financial Work 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.

The conference pointed out that in recent years, various units have seriously implemented the decisions and deployments of the Party Central Committee and the State Council. In accordance with the requirements of the "Notice on Further Preventing and Handling the Risks of Speculation in Virtual Money Trading" jointly issued by the People's Bank of China and ten other departments in 2021, there has been a resolute crackdown on speculation in virtual money trading and a rectification of the chaos surrounding virtual money, achieving significant results. Recently, due to various factors, speculation in virtual money has risen, and related illegal activities have occurred from time to time, facing new situations and challenges in risk prevention and control.

The conference emphasized that virtual money does not have the same legal status as fiat currency, does not have legal tender status, and should not and cannot be used as currency for circulation in the market. Activities related to virtual money are considered illegal financial activities. Stablecoins are a form of virtual money 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.