What do you think about the new encryption currency policy in the country?

Today's meeting has three significant changes and upgrades compared to the previous ones.

Change 1: Regulation shifts from "emphasizing prohibition" to "multi-departmental collaborative governance"

The year 2021 was a joint action by ten departments, and this meeting almost included all key regulatory and law enforcement units (Public Security, Cyberspace Administration, the two Supreme Courts, the Central Bank, the Securities Regulatory Commission, etc.).

Clearly propose the "information flow + capital flow" dual monitoring, emphasizing the information sharing mechanism.

Change 2: Stablecoins are singled out, and key risks have been upgraded.

In previous policies, stablecoins were mentioned, but they were not elevated to such a prominent position.

This meeting clearly pointed out that stablecoins belong to virtual currency, indicating that Chinese regulatory authorities are highly alert to the "impact of US dollar stablecoins on the regulation of cross-border capital flows of the RMB."

Change 3: Regulatory logic has expanded from "domestic rectification" to a dual-line consideration of "domestic + international variables."

The meeting mentioned that recent market speculation has intensified, and the central bank has repeatedly stated in several public speeches that the policy considerations have shifted from domestic speculation issues to international currency competition issues.