The 1128 meeting of the People's Bank of China focuses on regulating illegal exchange of stablecoins

On November 28th, the People's Bank of China, together with multiple departments, held a 1128 meeting to reaffirm the provisions of the 2021 "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation", continuing to prohibit virtual currency business operations, and emphasizing the crackdown on the use of virtual currency for money laundering and illegal fund outflows. Lawyer Xiao Sa explained that the focus of this meeting is to regulate the illegal exchange of currency using stablecoins, as it seriously disrupts the financial order. In recent years, the judicial authorities have increased their regulation of cryptocurrency merchants, involving crimes such as illegal business operations and money laundering. In addition, Xiao Sa believes that the conference will not affect Hong Kong's open policy towards virtual assets, as Hong Kong and mainland China have formed a basic regulatory pattern of openness and restriction.