13部门联手严打炒币，稳定币纳入虚拟币监管范畴

Core Viewpoint - The People's Bank of China has officially included stablecoins in the regulatory framework for virtual currencies, highlighting the risks associated with their use in illegal activities such as money laundering and cross-border fund transfers [1][2][5]. Regulatory Developments - A recent meeting led by the People's Bank of China involved 13 national regulatory bodies, marking a significant upgrade in the regulatory approach to virtual currencies, particularly stablecoins [1][2]. - The meeting emphasized the need for enhanced collaboration among regulatory units to improve monitoring capabilities and combat illegal financial activities [2][3]. Market Implications - The rating agency S&P Global has downgraded Tether (USDT) from "4" (restricted) to "5" (vulnerable), reflecting growing concerns over the stability and compliance of major stablecoins [1]. - The volatility in the cryptocurrency market, particularly the dramatic fluctuations in Bitcoin prices, has intensified scrutiny on stablecoins and their potential to disrupt financial order [5][6]. Legal Actions - Chinese judicial authorities have increased their regulatory efforts against cryptocurrency businesses, with many being prosecuted for illegal operations related to stablecoins [3][4]. - A notable case involved a group that facilitated illegal foreign exchange transactions using stablecoins, amounting to 6.5 billion yuan over three years [3]. Global Context - The risks associated with stablecoins have become a focal point in international discussions, particularly at the recent IMF and World Bank meetings, where concerns about their role in money laundering and regulatory evasion were raised [5][7]. - The ongoing regulatory measures in China are part of a broader global trend towards stricter oversight of virtual currencies, with an emphasis on maintaining financial stability [7].