The meeting for coordinating efforts to combat speculation in virtual money trading has been convened.
According to Jinshi Data on November 29, the People's Bank of China held a coordination meeting to combat speculation in virtual currency trading on November 28, 2025. The meeting emphasized that virtual money does not have the same legal status as legal tender, lacks legal compensation, and should not and cannot circulate as money in the market. Activities related to virtual money are considered illegal financial activities. Stablecoins are a form of virtual money, which currently cannot effectively meet requirements for customer identity verification, anti-money laundering, etc., and pose risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border capital transfers. (People's Bank of China website) ( from Jinshi Data App )
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SouthernYiren
· 11-30 04:26
It is merely a tool for criminals and corrupt officials to transfer assets.
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HeavenlyBladeLaughsAtTheDull
· 11-29 11:46
China does not have the capability of long-arm jurisdiction.
The meeting for coordinating efforts to combat speculation in virtual money trading has been convened.
According to Jinshi Data on November 29, the People's Bank of China held a coordination meeting to combat speculation in virtual currency trading on November 28, 2025. The meeting emphasized that virtual money does not have the same legal status as legal tender, lacks legal compensation, and should not and cannot circulate as money in the market. Activities related to virtual money are considered illegal financial activities. Stablecoins are a form of virtual money, which currently cannot effectively meet requirements for customer identity verification, anti-money laundering, etc., and pose risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border capital transfers. (People's Bank of China website)
( from Jinshi Data App )