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

On October 27th, Pan Gongsheng, the Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting that in recent years, various market institutions have continuously issued virtual currencies, especially stablecoins. However, the overall industry is still in its early stage of development. International financial organizations, central banks, and other financial regulatory authorities generally adopt a cautious attitude towards the development of stablecoins. Since 2017, the People's Bank of China, together with relevant departments, has successively issued multiple policy documents to prevent and address the risks of speculative trading of domestic virtual currencies. Currently, these policy documents remain in effect. Next, the People's Bank of China will continue to cooperate with law enforcement agencies to crack down on the operation and speculation of domestic virtual currencies in order to maintain economic and financial order. At the same time, it will closely monitor and dynamically evaluate the development of overseas stablecoins. (Oriental Wealth)