$TRADOOR A "national-level" crackdown: the survival space of Virtual Money is dropping to zero.

In 2017, ICOs were halted, and in 2021, they were classified as "illegal financial activities." Many people believed that regulation had reached its bottom.
But the central bank-led meeting in 2025 tells you with its lineup: this time is different.
On November 28, 2025, the People's Bank of China held a meeting to coordinate the work of combating the speculation and trading of Virtual Money. The meeting pointed out that recently, speculation on Virtual Money has risen, and that Virtual Money does not have the same legal status as legal tender, does not have legal compensation, and 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 requirements for customer identity verification, anti-money laundering, and other aspects, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers. The meeting demanded that all units continue to adhere to the prohibitive policies on Virtual Money, persist in combating related illegal financial activities, and maintain the stability of the economic and financial order.