Industry experts: Stablecoins are not recognized as "prohibited items" in the criminal law sense.

The 21st Century Business Herald published an article titled "Stablecoins Included in the Regulation Scope of Virtual Currencies, Covering Three Core Considerations." In the article, Zhao Binghao, director of the Financial Technology Legal Research Institute at China University of Political Science and Law, pointed out that the central bank explicitly classifies stablecoins as virtual currencies. This definition does not categorize stablecoins as "prohibited items" in the criminal law sense, but rather includes the operational, intermediary, and settlement activities surrounding stablecoins within the scope of regulation.

This qualitative measure is a key initiative to block the "currency substitution" and cross-border arbitrage channels from the source. The current rectification direction of illegal financial activities involving virtual currencies is having a multidimensional impact on the domestic stablecoin ecosystem, and its development space will continue to shrink. This trend has become an industry consensus.