[Stablecoins Not Classified as Contraband Under Criminal Law, Expert Says]
Zhao Binghao, Dean of the Institute of Fintech Law at China University of Political Science and Law, stated that the central bank classifies stablecoins as virtual currencies but does not recognize them as contraband under the meaning of criminal law. Instead, it has included operational, intermediary, and clearing activities related to stablecoins within the scope of regulatory rectification. This move aims to block 'currency substitution' and cross-border arbitrage channels at the source. The multidimensional impact on the domestic stablecoin ecosystem has already become evident, and its development space may continue to shrink.