[Meeting of the Coordination Mechanism for Combating Virtual Currency Trading and Speculation Held] Golden Finance reported that on November 28, 2025, the People's Bank of China held a meeting of the coordination mechanism for combating virtual currency trading and speculation. The meeting emphasized that virtual currencies do not have the same legal status as legal tender, do not possess legal repayment capabilities, and should not and cannot be used as currency in market circulation. Activities related to virtual currencies are classified as illegal financial activities. Stablecoins are a form of virtual currency and currently cannot effectively meet requirements for customer identification, anti-money laundering, and other regulations. They pose risks of being used for money laundering, fundraising fraud, illegal cross-border fund transfers, and other illicit activities. (People's Bank of China website)