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China's Central Bank Outlines Legal Stance on Virtual Currencies

The regulation of virtual currencies, including stablecoins, is being addressed by the central bank.
Key Metrics

11.24

Heat Index
  • Impact Level
    Medium
  • Scope Level
    National
  • Last Update
    2025-11-29
Key Impacts
Positive Impacts (4)
Chinese Fintech Payment Platforms (Alipay, WeChat Pay)
Digital Yuan (e-CNY) Ecosystem
Cyber-security & RegTech Firms
Offshore Chinese Yuan (CNH)
Negative Impacts (5)
Crypto Mining Hardware Makers (e.g., Canaan Inc., Bitmain)
Bitcoin (BTC)
Ethereum (ETH) and other alt-coins
Cryptocurrency Exchanges / Broker Platforms
Stablecoins (USDT, USDC)
Total impacts: 9 | Positive: 4 | Negative: 5
Event Overview

The regulation of virtual currencies, including stablecoins, is being addressed by the central bank. These are not recognized as legal tender and their use in transactions is deemed an illegal financial activity, emphasizing the need for compliance with customer identification standards.

Collect Records
People's Bank of China Convenes Meeting to Address Virtual Currency Regulation
2025-11-29 14:33

On November 28, 2025, the People's Bank of China held a meeting to address the regulation of virtual currency transactions. The meeting emphasized that virtual currencies, including stablecoins, do not have the same legal status as fiat currency, lack legal tender status, and cannot be used as a means of payment in the market. The bank stated that virtual currency-related activities are considered illegal financial activities because they fail to meet the requirements for customer identification and anti-money laundering. These activities pose risks of being used for money laundering, fraud, and unauthorized cross-border transactions.

Total records: 1
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