Pan Gongsheng: The People's Bank will continue to work with law enforcement agencies to crack down on the operation and speculation of virtual currencies within the country, maintaining financial order

ChainCatcher News: At the 2025 Financial Street Forum Annual Conference today, Pan Gongsheng, the Governor of the People's Bank of China, stated that in recent years, virtual currencies issued by market institutions, especially stablecoins, have been emerging continuously, but overall, they are still in the early stages of development. International financial organizations and financial regulatory bodies such as central banks generally hold a cautious attitude towards the development of stablecoins.

Since 2017, the People's Bank of China, in conjunction with relevant departments, has issued multiple policy documents to prevent and address the risks of speculation in domestic virtual currency trading, and these policy documents remain effective. In the next step, 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, maintain economic and financial order, and closely monitor and dynamically assess the development of overseas stablecoins.