On November 28, 2025, the People's Bank of China convened a meeting of the coordination mechanism for combating speculation in Virtual Money transactions. Officials from more than ten departments, including the Ministry of Public Security, the Central Cyberspace Administration, the Supreme People's Court, the Supreme People's Procuratorate, the State Administration for Market Regulation, and the China Securities Regulatory Commission, attended, demonstrating the regulatory authorities' high regard for risk prevention and control regarding Virtual Money. The meeting reaffirmed China's consistent and clear prohibitive policy toward Virtual Money. It emphasized that Virtual Money, including so-called "stablecoins," does not have the same legal status as legal tender, does not have legal compensatory value, and should not and cannot circulate as money in the market; all related business activities are illegal financial activities. The meeting specifically pointed out that stablecoins currently cannot meet regulatory requirements for customer identification and AML, posing risks of being used for Money Laundering, fraud, and illegal cross-border fund transfers.