Pan Gongsheng: The People's Bank of China will work with law enforcement agencies to continue cracking down on the operation and speculation of virtual currencies in China and maintain economic and financial order.

Pan Gongsheng, Governor of the People's Bank of China, stated today at the 2025 Financial Street Forum Annual Meeting that while virtual currencies, particularly stablecoins, issued by market institutions have continued to emerge in recent years, overall development is still in its early stages. International financial organizations, central banks, and other financial regulatory authorities are generally cautious about the development of stablecoins. Since 2017, the People's Bank of China, in conjunction with relevant departments, has issued a number of policy documents to prevent and address the risks of speculation in domestic virtual currency transactions, which remain in effect. Moving forward, the People's Bank of China will continue to work with law enforcement agencies to crack down on the operation and speculation of virtual currencies in China, maintain economic and financial order, and closely monitor and dynamically assess the development of overseas stablecoins. (Financial Frontline)