破立并举，为金融科技创新厘清边界

Core Viewpoint - The recent meeting of the People's Bank of China emphasizes the importance of strengthening virtual currency regulation while steadily developing the digital yuan, signaling a clear regulatory stance on financial technology [1][2]. Group 1: Virtual Currency Regulation - The meeting categorizes virtual currency trading as illegal financial activity, aiming to curb speculation and risk transmission associated with it [2]. - Virtual currencies, such as Bitcoin and Ethereum, lack legal tender status in China and are linked to illegal activities like money laundering and capital flight due to their anonymity and cross-border nature [2]. - Strengthening virtual currency regulation is deemed essential for maintaining financial order and preventing systemic financial risks, with the goal of disrupting speculative capital flows through virtual currency markets [2][4]. Group 2: Development of Digital Yuan - The digital yuan, backed by state credit, is designed to offer unique advantages over traditional currencies, including a "controllable anonymity" mechanism that balances privacy protection with compliance requirements [3]. - The digital yuan's programmable features enable efficient allocation of policy funds, enhancing its role in supporting the real economy [3]. - The central bank's strategy to develop the digital yuan aims to create a secure, efficient, and open financial infrastructure that integrates financial technology innovations with regulatory compliance [3][4]. Group 3: Innovation and Regulation - The approach of strict regulation is intended to guide financial technology innovation back to serving the real economy, rather than stifling it [4]. - The combination of strengthening virtual currency regulation and promoting the digital yuan reflects a dual policy direction of eliminating illegal financial activities while fostering compliant innovation [4]. - The digital yuan is positioned as a legal and secure medium for value circulation, providing a technological tool backed by sovereign credit and facilitating compliance in financial technology [4][5]. Group 4: Application in Real-World Assets and Commodities - The digital yuan is being explored as a core settlement tool for real-world assets (RWA), leveraging blockchain technology for asset verification, transaction tracing, and fund management [5]. - In the commodity trading market, the digital yuan can enhance transaction efficiency and reduce operational risks through automated clearing and directed payments via smart contracts [6]. - The potential for cross-border payments using the digital yuan offers a secure and efficient settlement solution for commodity trade among countries involved in the Belt and Road Initiative [6].