The central bank held a coordination meeting to crack down on virtual currency trading and speculation. What aspects will this affect? Will it have a big impact on the market? The core points from the full announcement are as follows: 1. 'Stablecoins pose risks of being used for money laundering, fundraising fraud, illegal cross-border transfers, and other non-agricultural activities.' This likely means stricter investigations into OTC, CX activities, etc., and possibly stronger monitoring of capital flows. 2. 'Focus on key areas such as information flow and capital flow.' Capital flow likely refers to the stablecoin issues mentioned above. As for information flow, this means further tightening control over the promotion of virtual currency-related information on various communities, social media, and self-media platforms, with strict investigations, reviews, and restrictions. Those still working in this field domestically really need to be cautious. Currently, the actions that can be taken against cryptocurrencies in China are basically limited to the above. It’s unlikely to see the same level of impact and shock as May 19, 2021. Why? Because there’s no leverage anymore. After 2021, the vast majority of Chinese-speaking exchanges, project teams, mining farms, and a significant portion of industry personnel have relocated overseas, making it hard to reach them. Without leverage, the scope and impact will naturally be much smaller. This also pours cold water on those hoping for China to loosen restrictions on cryptocurrencies or Bitcoin. As discussed last year, 'In a region with capital controls, loosening restrictions on cryptocurrencies or Bitcoin would essentially open a door for capital outflows.' From this perspective, it’s very unlikely to see any lifting of restrictions in the short term.