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People's Bank of China: Stablecoins are a form of Virtual Money, and activities related to Virtual Money are considered illegal financial activities.
[People's Bank of China: Stablecoins are a form of Virtual Money, and activities related to Virtual Money are considered illegal financial activities] On November 28, 2025, the People's Bank of China held a coordination meeting to combat speculation and trading of Virtual Money. The meeting emphasized that Virtual Money does not have the same legal status as legal tender, it does not have legal compensation, and it should not and cannot be circulated and used as currency in the market. Activities related to Virtual Money are considered illegal financial activities. Stablecoins are a form of virtual money that currently cannot effectively meet customer identification, anti-money laundering, and other requirements, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers. (People's Bank of China website)