八部门：禁止在境外发行人民币稳定币

Core Viewpoint - The People's Bank of China and eight other departments emphasize the need to prevent and manage risks associated with virtual currencies and the tokenization of real-world assets, highlighting the implications for monetary sovereignty and the legal status of stablecoins linked to fiat currencies [1][2]. Regulatory Framework - The notification reiterates that virtual currencies do not hold the same legal status as fiat currencies, and any related business activities within China are deemed illegal [2][3]. - It specifies that no domestic or foreign entities may issue stablecoins linked to the Renminbi without proper authorization [2][3]. - The notification categorizes the tokenization of real-world assets as activities that convert ownership and income rights into tokens, which are subject to strict regulatory oversight [2][3]. Enforcement Measures - Activities related to the tokenization of real-world assets and associated intermediary services are prohibited unless authorized by relevant authorities [3][4]. - The notification mandates that any domestic entities engaging in overseas tokenization activities must comply with strict regulatory principles, ensuring that similar risks are managed under the same rules [3][5]. - It calls for enhanced management of financial, intermediary, and information technology service institutions to ensure compliance with the new regulations [4][5]. Coordination and Implementation - The notification outlines a collaborative framework between central and local authorities to effectively manage risks associated with virtual currencies and asset tokenization [5][6]. - Central departments, including the People's Bank of China and the China Securities Regulatory Commission, are tasked with establishing mechanisms to address these risks, while local governments are responsible for implementing these measures within their jurisdictions [6].