On November 28, 2025, the People’s Bank of China (PBOC), in collaboration with over ten government departments (including the Ministry of Public Security and the Central Cyberspace Affairs Commission), held a meeting in Beijing to significantly intensify its crackdown on virtual currency trading and stablecoin activities.
Key Regulatory Points:
Reaffirmation of Ban: The meeting underscored China’s consistent and stringent stance against virtual currencies, aiming for comprehensive enforcement against all crypto-related financial breaches.
Illegal Classification: The PBOC reaffirms that virtual currencies lack legal status as fiat currency and that any related business activities are classified as illegal financial operations within mainland China.
Stablecoin Targeting: Stablecoins, particularly USDT and USDC, were a primary focus. Officials view them as critical channels for facilitating illegal activities, including money laundering and breaches of stringent capital outflow regulations (illegal foreign exchange).
Coordinated Enforcement: The involvement of multiple powerful agencies signals a coordinated, high-level effort to eliminate these activities.
In summary, the meeting emphasizes that China is moving to aggressively enforce its ban, with a new focus on eliminating the use of stablecoins due to concerns over capital controls and illicit finance.
