稳定币监管风暴来袭！中外政策大不同，创新与金融安全如何平衡

Core Viewpoint - The recent high-level meeting convened by the People's Bank of China (PBOC) involving 14 departments marks a significant escalation in the regulatory oversight of virtual currencies, reflecting the increasing activity in the cryptocurrency market and the emergence of underground trading channels [2][4]. Group 1: Regulatory Coordination - The meeting's backdrop is the recent resurgence of the virtual currency market, with various underground trading methods becoming prevalent [4]. - The collaboration among 14 departments is not merely symbolic; it includes the PBOC for overall coordination, the Ministry of Public Security for crime prevention, the Cyberspace Administration for monitoring online platforms, and the State Administration of Foreign Exchange to prevent capital outflow [5]. - Enhanced efficiency in tackling virtual currency crimes is noted, with the introduction of specialized blockchain tracing systems that can track virtual currency flows with high precision [7]. Group 2: Regulatory Stance on Stablecoins - China has classified stablecoins as illegal financial activities, contrasting sharply with regulatory approaches in other regions like the EU and the US, which are exploring licensing frameworks [11][13]. - The decision to prohibit stablecoins stems from past experiences with financial losses, emphasizing a preventive approach to regulation [13]. - The rise of stablecoins like USDT and USDC, which claim to be pegged to the US dollar, poses significant risks, as highlighted by the collapse of TerraUSD [11]. Group 3: Global Regulatory Landscape - The global regulatory environment for virtual currencies is complex, with varying approaches across countries, leading to challenges in enforcement and compliance [19]. - The Financial Action Task Force (FATF) has struggled to implement its travel rule effectively, indicating a lack of uniformity in global standards [19]. - China's commitment to a risk-based approach in global governance reflects its focus on financial security amidst evolving technological challenges [17]. Group 4: Future Trends and Implications - The trend towards stricter regulation in China is expected to continue, with no signs of loosening oversight [21]. - Institutional investors are becoming more cautious about engaging with virtual currencies, while blockchain technology finds legitimate applications in areas like supply chain finance and cross-border payments [22]. - The emphasis on maintaining regulatory boundaries in financial innovation suggests a balanced approach to technological advancement and oversight [25][26].