The central bank convened a high-level meeting with key state bodies to discuss the digital finance landscape. Delegates from the Ministry of Public Security, the Supreme Court, the Procuratorate, and the Cyberspace Administration joined the session. The primary concern is clear: the market is showing signs of life despite existing bans.
Officials acknowledged that the hardline measures of 2021 bore fruit, but crypto speculation is gaining momentum once again. They warned that this resurgence poses new risks to the financial stability of the country. The group confirmed its resolve to crush any attempts to resume trading or related operations.
“Regulators must be guided by the ideas of Xi Jinping and view risk control as a top priority. Authorities pledged to maintain the prohibition on virtual currencies and consistently suppress any illegal activity in the sector”, the press release states.
Stablecoins came under specific fire. The regulator emphasized that these assets lack legal tender status and cannot be used in the real economy. Beijing argues that stablecoins make effective owner identification impossible, opening doors for money laundering and illegal capital outflows.
The agencies agreed to tighten coordination, focusing on monitoring information and financial flows. They plan to upgrade their legal framework and technical tools to track down violators, ensuring the crypto business remains completely outlawed across the country.
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