Core Viewpoint - The People's Bank of China emphasizes the need to combat virtual currency trading speculation and illegal financial activities, highlighting the risks associated with virtual currencies and the importance of regulatory measures [1][2] Group 1: Meeting Overview - The meeting was attended by representatives from various government departments, including the Ministry of Public Security and the State Administration of Foreign Exchange [1] - The meeting acknowledged the efforts made in recent years to implement policies against virtual currency trading and the noticeable results achieved [1] Group 2: Current Challenges - There has been a recent uptick in speculative trading of virtual currencies, leading to an increase in illegal activities and new challenges in risk prevention [1] - Virtual currencies do not hold the same legal status as fiat currencies and should not be used as a medium of exchange in the market [1] Group 3: Regulatory Actions - The meeting called for a continuation of the prohibition on virtual currencies and a sustained crackdown on related illegal financial activities [2] - Emphasis was placed on enhancing collaboration among regulatory bodies, improving regulatory policies, and focusing on key areas such as information and capital flows [2]

● 新华社北京11月29日电 会议强调，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上 流通使用，虚拟货币相关业务活动属于非法金融活动。 2021年中国人民银行等十部门联合发布《关于进一步防范和处置虚拟货币交易炒作风险的通知》要求， 坚决打击虚拟货币交易炒作，整顿虚拟货币乱象。 针对稳定币，会议明确指出，目前稳定币无法有效满足客户身份识别、反洗钱等方面的要求，存在被用 于洗钱、集资诈骗、违规跨境转移资金等非法活动的风险。 会议要求各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点环节，加强信 息共享，进一步提升监测能力，严厉打击违法犯罪活动，维护经济金融秩序稳定。 （记者吴雨、任军） 记者11月29日从中国人民银行获悉，我国将继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关 非法金融活动，保护人民群众财产安全。 记者了解到，中国人民银行日前召开打击虚拟货币交易炒作工作协调机制会议。会议指出，近期，受多 种因素影响，虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑 战。 ...

近日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。 央行等部门首次公开定调稳定币 继续坚持对虚拟货币的禁止性政策 ◎记者 常佩琦 会议要求，把防控风险作为金融工作的永恒主题，继续坚持对虚拟货币的禁止性政策，持续打击虚拟货 币相关非法金融活动。各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点 环节，加强信息共享，进一步提升监测能力，严厉打击违法犯罪活动，保护人民群众财产安全，维护经 济金融秩序稳定。 会议指出，近年来各单位认真贯彻落实党中央、国务院决策部署，按照2021年中国人民银行等十部门联 合发布的《关于进一步防范和处置虚拟货币交易炒作风险的通知》要求，坚决打击虚拟货币交易炒作， 整顿虚拟货币乱象，取得明显成效。近期，受多种因素影响，虚拟货币投机炒作有所抬头，相关违法犯 罪活动时有发生，风险防控面临新形势、新挑战。 据了解，公安部、中央网信办、中央金融办、最高人民法院、最高人民检察院、国家发展改革委、工业 和信息化部、司法部、中国人民银行、国家市场监管总局、国家金融监管总局、中国证监会、国家外汇 局有关负责同志出席会议。 会议强调，虚拟货币不具有与法定货币等同的法律地位，不具 ...

近年来，市场机构发行的虚拟货币特别是稳定币不断涌现，但整体还处在发展早期。国际金融组织和中 央银行等金融管理部门对稳定币的发展普遍持审慎态度。国际清算银行（BIS）在今年6月发布的题为 《下一代货币和金融体系》的报告中明确表达对稳定币风险的关切，指出稳定币在代币化方面展现出一 些前景，但在单一性、弹性和完整性这三个关键测试中，仍未达到成为货币体系支柱的要求。该报告认 为，稳定币在未来的货币体系中将扮演何种角色仍有待观察。 中国人民银行近日召开打击虚拟货币交易炒作工作协调机制会议，公安部、中央网信办等十三部门有关 负责同志出席会议。会议要求，继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活 动。 会议指出，近年来，各单位按照2021年央行等十部门联合发布的《关于进一步防范和处置虚拟货币交易 炒作风险的通知》要求，坚决打击虚拟货币交易炒作，整顿虚拟货币乱象，取得明显成效。近期，受多 种因素影响，虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑 战。 会议强调，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上 流通使用，虚拟货币相关业务活动属 ...

Group 1 - The core viewpoint emphasizes the focus on two categories of cross-year investment opportunities, particularly in AI applications that are accelerating their implementation [1][2] - The report suggests that as December approaches, market attention on cross-year products is expected to increase, highlighting the importance of companies with high growth in their annual reports [1] - The computer sector is anticipated to show a clear turnaround in investment attributes by 2025, with recommendations to focus on leading companies in well-anticipated markets such as AI and domestic production, as well as emerging technology sectors like quantum technology and commercial aerospace [1] Group 2 - AI applications are experiencing rapid deployment, exemplified by the recent public testing of the Qianwen APP, which achieved over 10 million downloads in just one week, marking it as the fastest-growing AI application [2] - The upcoming Winter FORCE conference by Volcano Engine in mid-December is expected to catalyze significant developments in the ByteDance industry chain [2] - With the rapid iteration of foundational large models, AI applications that offer quality user experiences and innovative deployment scenarios are likely to accelerate, making them attractive investment opportunities [2] Group 3 - The second chapter of the report provides a specialized follow-up on the current state of the commercial aerospace industry, indicating a new phase of development following the establishment of the Commercial Aerospace Division [3][6]

Group 1: Monetary Policy and Regulations - The People's Bank of China continues to enforce a prohibitive policy on virtual currencies, emphasizing that they do not hold the same legal status as fiat currencies and are considered illegal financial activities [1] - A new regulation has been introduced that eliminates the requirement for individuals to register the source of funds when withdrawing more than 50,000 yuan, allowing banks to assess risk before questioning clients [5] Group 2: Economic Indicators - In November, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a modest improvement in economic conditions [2] - The Non-Manufacturing Business Activity Index for November was recorded at 49.5%, a decrease of 0.6 percentage points from the previous month, suggesting a contraction in the non-manufacturing sector [2] Group 3: Market Trends and Strategies - Major securities firms suggest that the market is experiencing a low-volatility slow bull trend, with a need for significant changes in domestic demand to unlock market potential [9] - Analysts recommend positioning for a potential year-end rally, focusing on sectors such as technology, resources, and consumer services, while also monitoring upcoming policy announcements [10][14] - The market is expected to maintain a cautious optimism ahead of the Central Economic Work Conference, which may set the tone for future economic policies [18]

Core Viewpoint - The Chinese central bank has intensified its crackdown on virtual currencies, defining stablecoins and reiterating that virtual currencies cannot be used as legal tender in the market [1][4][10]. Regulatory Actions - The meeting emphasized that virtual currencies do not have the same legal status as fiat currencies and that activities related to virtual currencies are considered illegal financial activities [4][5]. - Since 2013, the Chinese government has progressively strengthened regulations against virtual currencies, with significant measures taken in 2021 to close domestic trading platforms and eliminate related businesses [5][11]. Stablecoin Definition and Risks - The People's Bank of China (PBOC) has defined stablecoins as a type of virtual currency, highlighting their inability to meet customer identification and anti-money laundering requirements, which poses risks for illegal activities [7][9]. - Stablecoins are not recognized as legal tender or payment instruments, and their legal classification aligns them with other virtual assets under regulatory scrutiny [8][9]. Market Dynamics - The recent rise in speculative trading of virtual currencies, particularly Bitcoin and Ethereum, has been attributed to fluctuations in international markets, leading to increased risks for ordinary investors [6][12]. - The volatility of Bitcoin has been significant, with prices reaching over $126,000 in October 2025 before plummeting to around $82,000 in November, resulting in substantial liquidations across the market [6]. Multi-Departmental Coordination - The meeting underscored the necessity for multi-departmental collaboration to effectively regulate the complex and hidden nature of virtual currency activities, enhancing monitoring capabilities and information sharing [11][12]. - The PBOC, along with various regulatory bodies, aims to maintain a strict prohibition on virtual currencies and continue to combat illegal financial activities associated with them [12][13].

Core Viewpoint - The People's Bank of China (PBOC) has reiterated that virtual currency activities are illegal financial activities, marking a new phase in the crackdown on virtual currencies and urging investors to recognize the high risks involved [3][17]. Policy Upgrade: From "Prohibition of Trading" to "Ecological Reconstruction" - The recent meeting emphasized three illegal attributes of virtual currencies: they lack legal status, all related business activities are classified as illegal financial activities, and cross-border services from foreign exchanges to domestic residents are also illegal [3][4]. - The policy now focuses on technology-driven regulation, utilizing blockchain tracking and AI behavior analysis for comprehensive monitoring of virtual currency transactions [3][4]. Risk Map: Four Major Traps of Virtual Currencies - Price manipulation and liquidation risks are prevalent due to the lack of effective regulation, with Bitcoin's annual gains retreating over 60% in 2025 and over $1 billion in liquidations occurring in a single day [5]. - Illegal fundraising and pyramid schemes are rampant, with high-yield promises and fake projects leading to significant financial losses [6]. - Virtual currencies are used for money laundering and as tools for crime, with over 70% of ransomware payments made in Bitcoin [7]. - Technical vulnerabilities and the risk of asset zeroing are highlighted, with incidents of exchanges collapsing and significant amounts being lost due to hacking [8]. Regulatory Measures: Building a "Three-in-One" Defense - Legal measures have been upgraded to include criminal prosecution for illegal fundraising and civil accountability for invalid virtual currency contracts [13]. - Enhanced technical monitoring includes real-time tracking of blockchain transactions and strict controls on bank accounts related to virtual currencies [14]. - Industry self-regulation is being promoted, with financial institutions prohibited from providing services related to virtual currencies and internet platforms required to shut down related activities [15]. Investor Self-Rescue Guide: Five Key Rules to Avoid Virtual Currencies - Investors are advised to be cautious of high-return promises and avoid downloading foreign apps that may be scams [16]. - Participation in pyramid schemes and the neglect of fund security are strongly discouraged [16]. - The belief in technological myths should be avoided, as compliance and regulation are essential [16].

Core Viewpoint - The recent joint meeting of 13 departments in China marks a significant escalation in the regulation of virtual currencies, particularly focusing on stablecoins as a form of illegal financial activity, indicating a shift from risk prevention to criminalization of such activities [2][3][8]. Regulatory Focus - The meeting signals a shift in regulatory focus from "mining and speculation risks" in 2021 to "cross-border capital flows and shadow dollars" in 2025 [5][6]. - Stablecoins, particularly USDT, are identified as a major gray channel for capital outflow, with USDT accounting for approximately 90% of OTC transactions in China [6][8]. Systemic Risks - S&P downgraded USDT's stability rating to "weak," citing an increase in high-risk assets from 17% to 24%, with Bitcoin comprising 5.6% of its reserves [9][10]. - USDT's circulation has approached $184 billion, creating a "shadow dollar pool" with systemic risks due to its high volatility and low collateralization [9][10]. Shadow Banking Concerns - Tether, the issuer of USDT, is becoming akin to a "shadow central bank," with significant holdings in gold and other commodities, raising concerns about its influence on global price chains [10][11]. - The increase in Tether's gold reserves, which reached approximately 116 tons, poses structural risks for countries pursuing "de-dollarization" [10][12]. Regulatory Evolution - The regulatory approach has evolved from defining virtual currencies as illegal to explicitly categorizing stablecoins as illegal financial activities, aiming to protect capital account management and monetary sovereignty [13][14]. - The regulatory logic remains consistent: virtual currencies are illegal, stablecoins fall under this category, and their cross-border and gray uses must be curtailed to pave the way for the digital yuan (e-CNY) [14][19]. Enforcement Mechanisms - The regulatory framework will involve enhanced collaboration among various government agencies to monitor and control information and capital flows, aiming to block illegal activities [20][21]. - Criminalization of stablecoin transactions may extend to charges related to money laundering and aiding cybercrime, increasing the legal risks for individuals and institutions involved [21][22]. Global Implications - The tightening of regulations in China is expected to raise compliance pressures for institutions and increase the risks associated with gray channels for individuals [22][23]. - The global landscape for stablecoins is entering a "second phase," with heightened awareness and regulatory responses to the risks posed by these financial instruments [22][23].

会议指出，近年来各单位认真贯彻落实党中央、国务院决策部署，按照2021年中国人民银行等十部门联合发布的《关于进一步防范和处置虚拟货币交易 炒作风险的通知》要求，坚决打击虚拟货币交易炒作，整顿虚拟货币乱象，取得明显成效。近期，受多种因素影响，虚拟货币投机炒作有所抬头，相关违法 犯罪活动时有发生，风险防控面临新形势、新挑战。 会议强调，虚拟货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上流通使用，虚拟货币相关业务活动属于非法金融 活动。稳定币是虚拟货币的一种形式，目前无法有效满足客户身份识别、反洗钱等方面的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动 的风险。 会议要求，各单位要全面落实党的二十大和二十届历次全会精神，把防控风险作为金融工作的永恒主题，继续坚持对虚拟货币的禁止性政策，持续打击 虚拟货币相关非法金融活动。各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点环节，加强信息共享，进一步提升监测能力， 严厉打击违法犯罪活动，保护人民群众财产安全，维护经济金融秩序稳定。 十三部门联合"出击"，禁止虚拟货币交易炒作。据人民银行官网消息，11月28日， ...