**[The People's Bank of China to Strengthen Crackdown on Domestic Virtual Currency Activities to Maintain Financial Order]** Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Conference that in recent years, the issuance and market activities of virtual currencies, especially stablecoins, have increased, but overall they remain in the early stages of development. International financial organizations and central banks of various countries generally hold a cautious attitude toward stablecoins. At the IMF/World Bank Annual Meetings held in Washington 10 days ago, stablecoins and their potential financial risks became key discussion topics among finance ministers and central bank governors. Currently, stablecoins struggle to meet basic regulatory requirements such as customer identification and anti-money laundering, which may amplify risks related to money laundering, illegal cross-border capital transfers, and terrorist financing. Additionally, they pose threats to the stability of the global financial system and the monetary sovereignty of some underdeveloped economies. Pan Gongsheng emphasized that since 2017, the People's Bank of China has collaborated with relevant departments to issue multiple policies to combat domestic virtual currency trading and speculation. Moving forward, the bank will continue to strengthen regulation, maintain economic and financial order, and closely monitor the development trends of overseas stablecoins.