BlockBeats News, November 29, the People’s Bank of China convened a meeting of the Working Mechanism for Coordinating the Crackdown on Virtual Currency Transaction Speculation.
The meeting emphasized that virtual currency does not have the same legal status as fiat currency, does not have legal tender status, should not and cannot be used as currency in circulation in the market, and virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, which currently cannot effectively meet requirements such as customer identification, anti-money laundering, etc., and carry risks of being used for money laundering, illegal fundraising, illicit cross-border fund transfers, and other illegal activities. (People’s Bank of China website)
