央行召开会议：打击虚拟货币交易！稳定币首次被定性非法金融！

Group 1 - The core viewpoint of the article emphasizes the stringent regulatory measures taken by the Chinese government regarding virtual currencies, particularly stablecoins, which are now classified alongside Bitcoin as high-risk assets [1][2][3] - A significant meeting led by the People's Bank of China involved thirteen ministries, marking a notable escalation in regulatory oversight compared to previous actions in 2021 [1] - The legal status of stablecoins has been clarified, categorizing them as virtual currencies and denying their status as legal tender, which impacts both private trading and institutional pilot programs [1][2] Group 2 - The article outlines three major risks associated with stablecoins: their use in financial crimes, facilitation of cross-border capital outflows, and potential threats to monetary sovereignty [1][2][3] - Financial crimes involving stablecoins have surged, with 47 reported cases in 2025 alone, amounting to 5.6 billion yuan, a 120% increase from the previous year [1] - Stablecoins are identified as a "grey channel" for cross-border capital movement, undermining foreign exchange controls and posing challenges to regulatory frameworks [2] Group 3 - The global market for stablecoins has reached a total market value of 255 billion USD, with 99% denominated in USD, indicating a concentration of risk among a few major players [3] - The potential for systemic risk is highlighted, particularly with Tether's significant holdings in U.S. Treasury bonds and gold, raising concerns about transparency and the risk of global financial market volatility [3] - The article warns that the dominance of stablecoins pegged to the USD could threaten monetary sovereignty in emerging markets, including China [3] Group 4 - Recent market movements, such as Hong Kong's suspension of stablecoin initiatives, reflect the regulatory tightening and its impact on the market [4][5] - The article notes that despite the central bank's assertion that it will not directly affect Hong Kong's stablecoin market, indirect impacts are anticipated due to increased compliance pressures [5][6] - The regulatory landscape is shifting, with a clear delineation that only central bank-sanctioned digital currencies will be permitted in the mainland market, effectively excluding other stablecoins [4][5] Group 5 - The article concludes that the priority is on risk prevention, with a clear policy boundary established to mitigate the risks associated with stablecoins [5][6] - Regulatory measures will focus on banning stablecoin trading and related services, enhancing monitoring of financial flows, and addressing misleading promotional practices [6] - The anticipated slowdown in Hong Kong's stablecoin market development is attributed to increased compliance costs and regulatory scrutiny, affecting capital inflows from mainland China [6]