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The People's Bank of China held a coordination meeting on combating the speculation and trading of Virtual Money.
On November 29, the People's Bank of China held a coordination meeting to combat the speculation of Virtual Money trading. The meeting emphasized that Virtual Money does not have the same legal status as legal tender, lacks legal compensation, and should not and cannot be circulated and used as currency in the market. Activities related to Virtual Money are considered illegal financial activities. Stablecoin is a form of Virtual Money, which currently cannot effectively meet the requirements for customer identification, AML, and other aspects, posing risks of being used for Money Laundering, fundraising fraud, and illegal cross-border fund transfers. (People's Bank of China website)