People's Bank of China Calls for Strict Regulation of Cryptocurrency Transactions, Including Stablecoins

On November 28, the People's Bank of China convened a meeting to address cryptocurrency transactions and speculative activities. The bank has once again urged various authorities to crack down on illegal financial activities related to cryptocurrencies. The meeting was attended by representatives from the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Committee, the Supreme People's Court, the Supreme People's Procuratorate, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, among others. The People's Bank of China has requested these authorities to strengthen cooperative relations, improve regulatory policies and legal foundations, and enhance surveillance capabilities. It emphasized the necessity of stringent enforcement against illegal activities. The bank stated during the meeting...