TechFlow, on December 14, Wang Yongli, former deputy governor of the Bank of China, wrote in an official account article: "On November 28, the People's Bank of China and 12 other departments jointly convened the 'Coordination Mechanism Meeting on Combating Virtual Currency Trading Speculation,' clearly stating that stablecoins are a form of virtual currency, emphasizing the need to continue adhering to the prohibitive policy on virtual currencies, and continuously cracking down on illegal financial activities related to virtual currencies. Thus, China's firm direction toward advancing digital RMB development and resolutely curbing virtual currencies has become entirely clear."
"It is essential to accelerate innovation in digital RMB and its widespread application both domestically and internationally, quickly establishing its unique advantages in international payments, and forging a successful path for digital currency development with Chinese characteristics."
