According to ChainCatcher, Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting today that while virtual currencies, especially stablecoins, issued by market institutions have emerged continuously in recent years, they are still in their early stages of development. International financial organizations and central banks, among other financial regulatory bodies, generally hold a cautious attitude towards the development of stablecoins.
Since 2017, the People's Bank of China (PBOC), together with relevant departments, has successively issued a number of policy documents to prevent and address the risks of speculation and trading in domestic virtual currencies. These policy documents remain in effect. Going forward, the PBOC will work with law enforcement agencies to continue cracking down on the operation and speculation of domestic virtual currencies, maintaining economic and financial order, while closely monitoring and dynamically assessing the development of overseas stablecoins.
