Chinese financial regulators reaffirm strict stance against cryptocurrency activities, emphasizing their illegal status and potential financial risks.
People's Bank of China Still Combating Virtual Currency, Stablecoin Trading
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On November 28, 2025, the People’s Bank of China convened a coordination meeting involving multiple government agencies, including the Ministry of Public Security, Cyberspace Administration, and financial regulatory bodies. The meeting addressed the recent resurgence of virtual currency speculation and reaffirmed China’s comprehensive prohibition on cryptocurrency trading and related activities.
The meeting emphasized that virtual currencies do not possess legal tender status and are not recognized as legitimate currency. Stablecoins were specifically highlighted as a high-risk form of virtual currency potentially vulnerable to money laundering, fraud, and illegal cross-border fund transfers. Regulators called for continued vigilance, enhanced inter-agency cooperation, and strict enforcement to prevent cryptocurrency-related financial crimes and protect public financial interests.
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🧭 FAQs
• What is China’s official stance on cryptocurrencies? Complete prohibition of virtual currency trading and related activities.
• Which agencies participated in the meeting? 13 government bodies, including People’s Bank of China and Ministry of Public Security.
• When was the meeting held? November 28, 2025.
• What are the primary concerns about virtual currencies? Money laundering, fraud, and illegal cross-border fund transfers.
