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PBOC Holds Meeting Over Virtual Currency Trading Speculation, Advocates Continued Crackdown on Illegal Financial Activities
The People's Bank of China (PBOC) announced that it held a meeting last Friday (November 28) to coordinate efforts against virtual currency trading speculation.The meeting emph...
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PBOC Holds Meeting Over Virtual Currency Trading Speculation, Advocates Continued Crackdown on Illegal Financial Activities
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The People's Bank of China (PBOC) announced that it held a meeting last Friday (November 28) to coordinate efforts against virtual currency trading speculation.

The meeting emphasized that virtual currencies do not have the legal status equivalent to legal tender. Without legal tender characteristics, they should not and cannot be used as currency in market circulation, and all virtual currency-related businesses are considered illegal financial activities.

The meeting also called for all units to make risk prevention and control the eternal financial tasks, continue to uphold prohibitive policies against virtual currencies, and persistently crack down on illegal financial activities related to virtual currencies.

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