Experts: Stablecoins are not classified as "prohibited items" in the legal sense.

In the 21st Century Economic Report, an article titled “Stablecoins Included in the Regulation of Virtual Currency: Covering Three Core Considerations” was published. Zhao Binghao, Director of the Fintech Law Research Institute at China University of Political Science and Law, pointed out that the Central Bank has clearly classified stablecoins as virtual currencies. This classification does not mean that stablecoins are considered “prohibited items” in the legal sense, but rather includes the operational, intermediary, and clearing activities surrounding stablecoins within the scope of regulation. This classification is a key measure to fundamentally block the “currency substitution” and cross-border Arbitrage channels from the source. Ye Ningyao, a director of the Banking Law Research Association in Beijing, stated that the Central Bank has clarified that virtual currencies (including stablecoins) do not have the same legal status and legal tender status as fiat currency. This classification fundamentally denies the possibility of stablecoins acting as “quasi-fiat currency” and aims to prevent them from challenging the status of fiat currency backed by national credit, especially that of the digital RMB, safeguarding the uniqueness of monetary issuance rights and the stability of the financial system.