The People's Bank of China and eight other departments issued a notice on further preventing and handling risks related to virtual currencies, stating that virtual currency-related business activities constitute illegal financial activities. Any virtual currency-related business activities conducted within China, including those involving the exchange of legal tender for virtual currencies, the exchange of virtual currencies among themselves, acting as a central counterparty in the buying and selling of virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, which are suspected of illegal token issuance, unauthorized public offerings of securities, illegal operation of securities and futures businesses, illegal fundraising, etc., are strictly prohibited and will be resolutely banned according to law. Foreign entities and individuals are prohibited from illegally providing virtual currency-related services to domestic entities in any form. Stablecoins pegged to legal tender effectively perform some functions of legal tender in circulation. Without the approval of relevant departments in accordance with laws and regulations, no domestic or foreign entity may issue stablecoins pegged to the Renminbi overseas. Without the approval of relevant departments in accordance with laws and regulations, no domestic entity or its controlled overseas entity may issue virtual currencies overseas.