TechFlow, November 29 — According to Jinshi News, on November 28, 2025, the People's Bank of China convened a coordination meeting on combating virtual currency trading and speculation. The meeting emphasized that virtual currencies do not have legal status equivalent to fiat money, lack legal tender power, and should not and cannot be used as currency in market circulation. Activities related to virtual currency business constitute illegal financial activities. Stablecoins are a form of virtual currency; currently, they 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 unauthorized cross-border fund transfers.
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