On Nov. 28, 2025 the People’s Bank of China led a coordination meeting with top government bodies declaring virtual assets, including stablecoins, have no legal status and must not be used as currency. Officials flagged a resurgence in crypto speculation driven by global price moves and social-media hype and warned of illegal fundraising, fraud and covert cross-border transfers that bypass capital controls. Authorities ordered continued blocking of trading channels, tighter monitoring of data and money flows, expanded interagency information-sharing, and strict enforcement to prevent financial instability.

PBOC-led coordination meeting formally stated virtual assets (including stablecoins) have no legal status and ordered continued blocking of trading channels, tighter monitoring and expanded interagency enforcement; officials cited renewed speculation, illegal fundraising, fraud and covert cross‑border transfers — concrete regulatory actions likely to pressure markets.