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Pan Gongsheng: The People's Bank of China will continue to work with law enforcement agencies to crack down on the operation and speculation of domestic virtual currencies, in order to maintain economic and financial order.
BlockBeats News, October 27th, Pan Gongsheng, Governor of the People's Bank of China, stated today at the 2025 Financial Street Forum Annual Meeting that in recent years, various market institutions have continuously issued virtual currencies, especially stablecoins, but the overall industry is still in its early stages of development. International financial organizations, central banks, and other financial regulatory authorities generally maintain a cautious attitude towards the development of stablecoins. Since 2017, the People's Bank of China, together with relevant departments, has successively issued multiple policy documents to prevent and address the risks of speculative trading of domestic virtual currencies. Currently, these policy documents are still in effect.
Next, the People's Bank of China will continue to crack down on the operation and speculation of domestic virtual currencies in collaboration with law enforcement agencies to maintain economic and financial order. At the same time, it will closely monitor and dynamically assess the development of overseas stablecoins. (Oriental Wealth)
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