投机炒作有所抬头，人民银行再度打击虚拟货币，并首次定义稳定币

Core Viewpoint - The Chinese central bank has intensified its crackdown on virtual currencies, defining stablecoins and reiterating that virtual currencies cannot be used as legal tender in the market [1][4][10]. Regulatory Actions - The meeting emphasized that virtual currencies do not have the same legal status as fiat currencies and that activities related to virtual currencies are considered illegal financial activities [4][5]. - Since 2013, the Chinese government has progressively strengthened regulations against virtual currencies, with significant measures taken in 2021 to close domestic trading platforms and eliminate related businesses [5][11]. Stablecoin Definition and Risks - The People's Bank of China (PBOC) has defined stablecoins as a type of virtual currency, highlighting their inability to meet customer identification and anti-money laundering requirements, which poses risks for illegal activities [7][9]. - Stablecoins are not recognized as legal tender or payment instruments, and their legal classification aligns them with other virtual assets under regulatory scrutiny [8][9]. Market Dynamics - The recent rise in speculative trading of virtual currencies, particularly Bitcoin and Ethereum, has been attributed to fluctuations in international markets, leading to increased risks for ordinary investors [6][12]. - The volatility of Bitcoin has been significant, with prices reaching over $126,000 in October 2025 before plummeting to around $82,000 in November, resulting in substantial liquidations across the market [6]. Multi-Departmental Coordination - The meeting underscored the necessity for multi-departmental collaboration to effectively regulate the complex and hidden nature of virtual currency activities, enhancing monitoring capabilities and information sharing [11][12]. - The PBOC, along with various regulatory bodies, aims to maintain a strict prohibition on virtual currencies and continue to combat illegal financial activities associated with them [12][13].