From my perspective, this statement isn’t just about simple 'blocking,' but rather reshaping growth within the framework of order. The key points are: the anchor of credit and the boundaries of risk. @BitnewsLtd 1. **China’s main approach**: First, stabilize macro credit, then guide digital assets into a regulated track—traceable, auditable, and transparent. Separate 'speculative crypto trading' from 'industry-grade on-chain assets': strictly regulate the former, and pilot the latter within sandboxes and whitelists. 2. **Three possible compliance paths**: 1. **Central Bank Digital Currency (e-CNY)** as the 'underlying settlement layer,' ensuring compliance and control; 2. Tokenized deposits/government bonds (RWA) as 'asset carriers,' bringing real yields on-chain; 3. **Offshore RMB stablecoin (CNH)** as the 'external circulation bridge,' serving cross-border settlements and trade finance. 3. **Two red lines**: High leverage and Ponzi-style 'anchoring'; Unlicensed public fundraising and concealed cross-border capital flows. 4. **Three focal points**: Technology: on-chain auditing, programmable compliance, AI risk control; Scenarios: trade settlement, supply chain financing, tokenization of government bonds/bills; Rules: who issues, who receives, and how it circulates—all fully transparent. **Conclusion**: This isn’t 'anti-crypto,' but rather 'rebuilding trust.' My take: watch for three signals in the future—RWA pilot lists, bank participation, and progress on offshore RMB stablecoins. Once these signs align, the new financial order will be unleashed.