[Thirteen Departments Jointly Crack Down on Illegal Financial Activities Related to Virtual Currencies]
The People's Bank of China recently held a meeting of the coordination mechanism to combat virtual currency trading and speculation, attended by officials from thirteen departments, including the Ministry of Public Security and the Cyberspace Administration of China. The meeting called for adherence to the prohibitive policy on virtual currencies and continued efforts to crack down on related illegal financial activities.
The meeting noted that significant progress has been made in rectifying the chaos surrounding virtual currencies in recent years, but speculative trading of virtual currencies has resurged recently, with illegal and criminal activities occurring from time to time. The meeting emphasized that virtual currencies do not have the status of legal tender, and related business activities constitute illegal financial activities. It also pointed out that stablecoins carry risks of being used for illegal activities.
The meeting urged all units to deepen collaboration, improve regulatory policies, enhance information sharing and monitoring capabilities, strictly crack down on illegal activities, and maintain the stability of economic and financial order.