Chinese Bank Former Vice President: China's policy orientation to resolutely contain virtual currency and promote the development of the digital RMB is now fully clear

**China Confirms Digital Yuan Push, Reaffirms Virtual Currency Ban** On December 14, Wang Yongli—former vice president of a Chinese bank—wrote in a WeChat Official Account article that since May 2025, the U.S. and Hong Kong, China have been actively advancing legislation for stablecoins and cryptocurrencies (digital assets). The U.S. has also pushed for bills to ban digital dollar issuance, sparking a global wave of stablecoin and crypto legislation and development. This has sparked debate in China over whether to aggressively promote renminbi stablecoin legislation and development, as well as whether to continue advancing the digital yuan. The People’s Bank of China (PBOC) subsequently announced it would optimize the digital yuan’s position in the monetary hierarchy, further refine its management system, and actively drive its rollout. On November 28, the PBOC and 13 other departments jointly held a **Coordination Mechanism Meeting on Combating Virtual Currency Trading and Speculation**. The meeting clarified that stablecoins are a form of virtual currency, emphasized upholding the ban on virtual currencies, and reaffirmed consistent crackdowns on related illegal financial activities. As a result, China is firmly pushing ahead with the digital yuan, and its policy direction of staunchly curbing virtual currencies is fully clarified. Wang also noted that accelerating the digital yuan’s innovation and development— and promoting its widespread domestic and international use quickly— is imperative. This will let the digital yuan establish unique advantages in global payments and put China on a successful path for digital currency progress.