2017年以来，人民银行会同相关部门先后发布了多项防范和处置境内虚拟货币交易炒作风险的政策文 件，目前这些政策文件仍然有效。下一步，人民银行将会同执法部门继续打击境内虚拟货币的经营和炒 作，维护经济金融秩序，同时密切跟踪、动态评估境外稳定币的发展。 研究实施支持个人修复信用的政策措施 今日下午，2025金融街论坛年会开幕式上，中国人民银行行长潘功胜表示，去年，人民银行落实中央金 融工作会议部署，在二级市场开始国债买卖操作。这是丰富货币政策工具箱、增强国债金融功能、发挥 国债收益率曲线定价基准作用、增进货币政策与财政政策相互协同的重要举措，也有利于我国债券市场 改革发展和金融机构提升做市定价能力。 实践中，人民银行根据基础货币投放需要，兼顾债券市场供求和收益率曲线形态变化等情况，灵活开展 国债买卖双向操作，保障货币政策顺畅传导和金融市场平稳运行。今年初，考虑到债券市场供求不平衡 压力较大、市场风险有所累积，人民银行暂停了国债买卖。目前，债市整体运行良好，人民银行将恢复 公开市场国债买卖操作。 人民银行将会同执法部门继续打击境内虚拟货币的经营和炒作 潘功胜表示，近年来，市场机构发行的虚拟货币特别是稳定币不断涌现， ...

Core Insights - The demand for legal services related to digital assets is experiencing explosive growth as the regulatory framework for WEB3 cryptocurrencies is gradually being established by 2025 [1] - Specialized law firms focusing on virtual currencies have become essential for corporate compliance and user asset security due to the rapid iteration of blockchain technology and the complexity of cross-border regulations [1] Group 1: Shanghai Mankun Law Firm - Shanghai Mankun Law Firm, established in 2015, specializes in blockchain and digital asset legal services, scoring 9.9 out of 10 in evaluations [2] - The firm has a diverse team background, including members from renowned legal institutions, national judicial bodies, internet technology companies, and blockchain think tanks [2][3] - Mankun aims to provide integrated solutions of "law + technology + business" for Web3.0 enterprises, with plans to expand globally by establishing local offices in major crypto financial cities [2] Group 2: Service Offerings - Mankun offers specialized legal services in various areas, including civil cases related to virtual currencies, criminal cases involving virtual currencies, NFT legal services, and investment financing for digital assets [3][4] - The firm provides legal advisory for initial coin offerings (ICO), exchange compliance governance, NFT legal risk prevention, and metaverse legal frameworks [4] Group 3: Technological Innovation and Industry Influence - Mankun is focused on enhancing service efficiency through the development of legal intelligence tools and establishing a legal database for the blockchain industry [4] - The firm has served over 500 Web3.0 enterprises and has participated in the formulation of industry standards and legislative recommendations [4] Group 4: Choosing the Right Law Firm - Mankun is recommended for Web3.0 projects that require deep understanding of the Chinese market and local regulatory environment, as well as for startups needing comprehensive legal support [12] - International law firms are suggested for projects targeting the European and American markets, especially those dealing with strict regulations from entities like the SEC [12][13]

这些资本背后是连接着诚挚在柬埔寨建立的庞大的诈骗帝国的，以及无数被杀猪盘骗走积蓄的受害者。 127271枚比特币，价值150亿美元，直接是从柬埔寨的诈骗集团的钱包转移到了美国的掌控当中，这一场看似执法行动的背后上演的是数字时代的一个新型 财富的掠夺。 美国的司法部的一纸没收令在全球的加密货币市场掀起了很大的风浪，2025年的10月份，美国对柬埔寨的太子集团以及它的创始人陈志发起了史上最大规模 的一个加密货币的没收行动，没收了有127271枚比特币，价值150亿美元。 这一次的行动是一次国家力量对链上资产的精准的打击。根据纽约布鲁克林联邦法院解封了一个起诉书，美国的司法部是直接没收了陈志控制的12.7万枚的 比特币。 这些比特币是长期由承志本人通过了私人的钱包进行保管的，但是美国的成功没收也是证明了在国家权力的面前，所谓的去中心化的神话并不怎么牢固的。 美国的司法部把这一次行动称之为历史上最大的一次虚拟资产的一个没收行动，打破了加密社区多年的一个信仰基石。 | 对外宣传的业务板块 | 内部重点运作系统(司法部指控) | | --- | --- | | 房地产开发 | 诈骗园区建设 & 人员安置点(用合法建设许可 ...

Core Insights - The article celebrates the 75th anniversary of "China Finance" magazine, highlighting its role in documenting and participating in the evolution of China's financial sector [1] - The concept of social financing scale (社融) is introduced as a unique financial macro-monitoring and regulatory indicator in China, established through collaborative efforts over five years [2][3] - The article discusses the regional disparities in social financing, noting that the share of social financing increment in central and western regions has increased significantly from 38.6% in 2015 to 43.6% in 2024, indicating a shift in financial resource allocation [4] Social Financing Scale - Social financing scale is recognized as a significant indicator for macroeconomic monitoring and has been included in central economic work reports for 15 consecutive years [2] - The theoretical foundation and international experiences related to social financing are explored, emphasizing its relevance to China's financial policy innovations [3] Regional Development - The article emphasizes the regional structural characteristics of social financing, reflecting economic disparities and development trends across China [4] - The increase in social financing in central and western regions suggests enhanced financial support for these areas, while the northeastern region has seen a decline in its share [4] Financial Reform - The article discusses the need for coordinated reforms in interest rates, exchange rates, and capital account openness as essential conditions for the internationalization of the Renminbi [5][6] - It highlights that capital account openness in China is a managed process rather than a free flow of capital, with a focus on optimizing the path to reduce risks [6] Currency and Virtual Currency - The article argues that virtual currencies, such as Bitcoin, lack the essential characteristics of money, primarily due to the absence of state credit support [8][9] - It points out the volatility of virtual currencies, which undermines their function as a stable medium of exchange, contrasting them with state-backed currencies [10]

所有的虚拟货币虚拟数字，只有在和平年代，平安时期才是财富。一旦遇到不可控因素，战乱，或者贬值，或者信用危机，现金、黄金、粮食、水源，这些 才是硬通货。大多数人没有钱，无非就是贫穷，各国的乱一点，如果没有能源，无非就是争夺局部战争，如果没有水和粮食，就算是原子弹也压制不住，整 个世界的人。毕竟在饿死这种基础上，毕竟整个世界人都会想着拼一把。移民美国的那些有钱人心中可能还是有点慌，美国在外面抢不到钱的时候，他们就 会到国内去抢，这种状态可能会持续到美国重启。 10月16日，柬埔寨太子集团持有的150亿美元比特币被美国查封。先抛开柬埔寨太子集团的行为不谈，美国这是诈骗行为，即然是加密货币，就是不被监管 的，才叫加密货币。你都看的一清二楚了，还叫什么加密货币？所以美国这种没收行为，就叫诈骗行为，警示，别被忽悠还买加密货币。不光比特币，只要 你的钱是美国能控制的，都可能被美国有"法律依据"的明抢。 现在，全世界都明白了加密货币原来可以被美国没收的，谁买谁被收割。中国十年前就立法立规，不准国人碰比特币，早就看破美国佬的收割计划。不得不 说，我们有远见之明。 ...

分析指出，虚拟货币的价值高度依赖稳定环境，在战乱、信用崩塌或恶性通胀下，现金、黄金、粮食等实物资产才是真正的"硬通货"。历史上，能源短缺可 能引发局部冲突，而粮食与水源危机则可能动摇社会根基——当生存受到威胁时，任何武力威慑都难以压制人性求生的本能。此次事件也令部分海外资产持 有者警觉：当外部掠夺无门时，内部资产可能成为下一个目标。 近日，柬埔寨某集团持有的150亿美元比特币遭美方查封事件引发广泛争议。美方以"监管"为由没收加密货币的举动，被质疑为变相"诈骗"——若加密货币 可被完全追踪监管，其"加密"属性便名存实亡。此举暴露出虚拟货币在强权面前的脆弱性：所谓"去中心化""匿名性"在现实权力面前不堪一击，一旦触及特 定利益，资产安全便毫无保障。 反观部分国家，曾大肆宣传比特币"匿名""不可追踪"的特性，试图诱导其他市场接盘，如今自身债务承压，转而将"养肥"的资产收割回血。这种操作模式， 无疑给全球投资者敲响警钟：任何脱离实体支撑、受制于他国规则的虚拟资产，都可能成为强权收割的"待宰羔羊"。 值得注意的是，十年前相关地区便通过立法限制虚拟货币交易，提前规避了此类风险。 ...

2025年10月，全球都被一则新闻惊到了——美国司法部直接"抄了"柬埔寨一个电诈集团的家，没收的比 特币足足值150亿美元！ 这钱到底多夸张？ 2024年底马云的身家也就1650亿人民币，150亿美金折成人民币快上千亿，差不多是马云身家的九成。 01. 先说说这个电诈集团的老板，叫陈志，才38岁，福建人。 他早年没干正经营生，靠搞"传奇私服"（未经授权的游戏服务器）赚了第一桶金。 后来中国开始严打网络犯罪，他立马跑到了法制松散的柬埔寨，还精准抱上了柬埔寨前首相洪森家族 的"大腿"——2017年成了"柬埔寨内政顾问"，2020年更直接当上洪森的顾问。 有了这层"保护伞"，他的太子集团表面上搞房地产、金融、旅游，背地里却搭起了覆盖全东南亚的电诈 帝国。 跟缅北那些只有几千私兵的电诈团伙比，陈志背靠的是柬埔寨国防军，规模和底气根本不是一个量级。 中国严打电诈后，陈志很快把目标转向了美国，结果2024年一年，美国人就被骗走超100亿美元！ 为啥美国人这么好骗？ 说穿了就两点：一是美国互联网金融太方便，钱一转到网上，几分钟就进了骗子账户；二是不少美国人 手里有养老金、福利好，还总想着"一夜暴富"，对防骗知识又不上心。 ...

Core Insights - China's strict regulation on virtual currencies is influenced by recent events in the U.S., particularly the dismantling of a large scam operation in Cambodia that resulted in the seizure of 127,000 bitcoins valued at approximately 15 billion RMB, leading to a 40% increase in the total amount of bitcoins held by the U.S. government [1] Group 1: Virtual Currency Operations - The process of creating virtual currencies involves modifying open-source code to issue various tokens on platforms like Ethereum, with blockchain technology serving to verify the fixed supply of these currencies [5] - Establishing a market for these currencies is relatively easy due to lower entry barriers on foreign trading platforms, allowing issuers to manipulate prices by creating artificial demand [5][6] - The final step involves "harvesting" profits through futures and options trading, where investors are often left at a disadvantage, leading to significant financial losses [6][7] Group 2: China's Perspective - China's ban on virtual currencies stems from an understanding that these currencies are not financial innovations but rather tools for exploitation, likening participation to entering a gunfight with a kitchen knife [7] - The perception of cryptocurrencies as a pathway to wealth is challenged, revealing a more sinister reality where they serve as instruments for financial manipulation [7]

Core Insights - The social financing scale (社融) is a unique financial macro-monitoring and regulation indicator developed in China, which has been included in central economic work meetings and government work reports for 15 consecutive times since its introduction in December 2010 [1][13][15] Summary by Sections Social Financing Scale Development - The establishment of the social financing scale was a significant innovation in China's financial theory and policy, taking five years to develop from concept to nationwide data publication [1][13] - The social financing scale reflects the financial support provided to different regions, indicating a shift in financial resources towards the central and western regions of China [3][15] Regional Analysis - The share of social financing increment in central and western regions increased from 38.6% in 2015 to 43.6% in 2024, while the northeastern region's share decreased from 7.0% to 1.2% during the same period, highlighting regional economic disparities [3][15] Financial Reform and Internationalization - The coordination of interest rate, exchange rate marketization reforms, and capital account opening is crucial for the internationalization of the Renminbi and is a major task in China's financial system reform [4][16] - Reports indicate that capital account opening in China is a managed process rather than a free flow of capital, with a focus on optimizing the path to reduce risks [4][17] Currency and Virtual Currency - The essence of currency is its role as a medium of exchange, which is supported by national credit; virtual currencies like Bitcoin lack this support and cannot fulfill the functions of true currency [20][21] - Bitcoin's price volatility exemplifies the instability of virtual currencies, which are more akin to speculative assets rather than genuine currencies [22][23]

Group 1 - Two regional banks in the U.S. disclosed loan issues related to fraud, causing significant investor concern and leading to a drop of over $100 billion in market capitalization for 74 large U.S. banks in one day [1] - The International Monetary Fund (IMF) warned of high global financial stability risks, partly due to the expansion of non-bank financial institutions, which are exposing new structural vulnerabilities [1] - The U.S. financial market is facing instability due to rising uncertainty from government policies, including tariffs and increasing national debt, which is currently at $38 trillion [2] Group 2 - The labor market in the U.S. is cooling, inflation remains high, and tariff policies are expected to push prices up, impacting economic growth [2] - Concerns are growing over the AI valuation bubble, with a survey indicating that approximately 54% of global fund managers believe tech stock valuations are too high [2] - The cryptocurrency market experienced a significant drop, with Bitcoin falling from $122,000 to $104,000, resulting in a market evaporation of nearly $500 billion [3] Group 3 - The U.S. financial system is being undermined by tariff policies and debt risks, with the stability previously provided by low interest rates and credit expansion now threatened [4] - The myths surrounding the safety of AI bubbles and cryptocurrencies are beginning to collapse, indicating a need for preparedness against systemic risks associated with the U.S. dollar [4]