Pan Gongsheng: The People's Bank of China will continue to work with law enforcement agencies to crack down on the operation and speculation of virtual currencies within the country

TechFlow news, October 27 — According to Jinshi Data, PBOC Governor Pan Gongsheng stated today at the 2025 Financial Street Forum that in recent years, virtual currencies, especially stablecoins issued by market institutions, have continuously emerged but are still generally in an early stage of development. International financial organizations and financial regulators such as central banks commonly maintain a cautious stance toward stablecoin development. Since 2017, the People's Bank of China has jointly issued, together with relevant departments, multiple policy documents aimed at preventing and addressing risks associated with domestic virtual currency trading and speculation. These policy documents remain effective. Moving forward, the PBOC will continue collaborating with law enforcement agencies to crack down on domestic virtual currency operations and speculation, safeguarding economic and financial order, while closely monitoring and dynamically assessing the development of overseas stablecoins. (Financial Frontline)