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People's Bank of China Holds Meeting on Combating Cryptocurrency Trading

The People's Bank of China held a coordination mechanism meeting on Nov. 29 to address virtual currency trading speculation, the central bank's website shows. The meeting reiterated that virtual currencies lack legal tender status and cannot be used as currency in market circulation, with related business activities classified as illegal financial activities. Stablecoins, identified as a form of virtual currency, fail to meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers.
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