稳定币纳入虚拟币监管范畴 涵盖三大核心考量

Core Viewpoint - The People's Bank of China (PBOC) has reinforced its stance on the regulation of stablecoins, categorizing them as a form of virtual currency that does not possess legal tender status and is associated with illegal financial activities [1][2][10]. Regulatory Framework - The recent meeting aligns with previous regulations, particularly the 2021 notice that classified virtual currencies like Bitcoin and Tether (USDT) as lacking legal status, thereby reinforcing a stringent regulatory framework against virtual currencies [2][3]. - The regulatory approach has evolved gradually, with significant milestones dating back to 2013, establishing a dynamic governance system that adapts to market developments [3]. Recent Developments - The introduction of the Hong Kong Stablecoin Regulation in August 2025 has drawn attention, while the volatility in cryptocurrency prices has led to increased speculative activities and illegal financial operations [4][5]. - The PBOC has expressed concerns regarding the risks associated with stablecoins, particularly in relation to money laundering and cross-border financial crimes [5][9]. Risk Management and Legal Considerations - The classification of stablecoins as virtual currencies is aimed at preventing financial risks and protecting monetary sovereignty, ensuring that they do not challenge the status of the digital yuan [7][11]. - Experts have highlighted the lack of transparency and potential risks associated with stablecoin reserves, which could lead to issues such as "de-pegging" and liquidity shortages [8]. Future Implications - The regulatory environment is expected to tighten, with stablecoin-related activities being classified as illegal financial activities, thereby limiting their operational space within China [12][13]. - The anticipated regulatory measures will likely focus on enhancing collaboration among regulatory bodies and improving technological capabilities to monitor and combat illegal activities associated with stablecoins [14].