TechFlow, on December 2, the 21st Century Business Herald published an article titled "Stablecoins Included in Virtual Currency Regulatory Scope, Covering Three Core Considerations," in which Zhao Binghao, Dean of the Institute of Fintech and Rule of Law at China University of Political Science and Law, pointed out that the central bank's clear classification of stablecoins as virtual currencies does not equate to defining them as "prohibited goods" under criminal law, but rather brings business, intermediary, and clearing activities involving stablecoins into the scope of rectification. This categorization is a key measure to block currency substitution and cross-border arbitrage channels at the source. The current regulatory direction targeting illegal financial activities involving virtual currencies is exerting multidimensional impacts on the domestic stablecoin ecosystem, continuously constraining its development space—a trend now widely recognized across the industry.
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