The heads of the central bank and the securities regulatory commission: The domestic policy stance has always been prohibitive towards activities related to virtual currencies

According to Jinshi reports, relevant officials from the People's Bank of China and the China Securities Regulatory Commission answered reporters' questions regarding the "Notice on Further Preventing and Dealing with Risks Related to Virtual Currencies." They stated that regarding virtual currencies, there has long been a prohibitive policy stance on related business activities within the country.

In 2013, the People's Bank of China and five other departments jointly issued the "Notice on Preventing Bitcoin Risks," which clarified that Bitcoin is a specific virtual commodity and should not be circulated or used as currency in the market. The "Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation," issued in 2021, further clarified that Bitcoin, Ethereum, and stablecoins such as Tether do not have the same legal status as fiat currency, and conducting virtual currency-related business activities within the country is considered illegal financial activity and is strictly prohibited.

The notice continues the policy stance of recent years, reiterating that virtual currencies do not have the same legal status as fiat currency, and conducting virtual currency-related business activities within the country is illegal financial activity. Foreign entities and individuals are not allowed to illegally provide virtual currency-related services to domestic entities in any form.