Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting today that in recent years, virtual currencies issued by market institutions, especially stablecoins, have continued to emerge, but overall they are still in the early stages of development. International financial organizations and financial regulatory authorities such as central banks generally hold a cautious attitude towards the development of stablecoins. Ten days ago, at the IMF/World Bank Annual Meeting held in Washington, stablecoins and the potential financial risks they may pose became one of the most discussed topics among finance ministers and central bank governors from various countries. The common view mainly focuses on the fact that stablecoins, as a financial activity, currently cannot effectively meet the basic requirements in terms of customer identification, anti-money laundering, etc., amplifying the loopholes in global financial regulation, such as money laundering, illegal cross-border fund transfers, terrorist financing, etc. The market speculation and speculation atmosphere is strong, increasing the vulnerability of the global financial system and impacting the currency sovereignty of some underdeveloped economies. Since 2017, the People's Bank of China, together with relevant departments, has successively issued multiple policy documents to prevent and deal with the risks of speculation in domestic virtual currency trading, and these policy documents are still effective. Next, the People's Bank of China will continue to crack down on the operation and speculation of domestic virtual currencies in cooperation with law enforcement agencies, maintain economic and financial order, and closely monitor and dynamically assess the development of stablecoins overseas. (Financial Frontline)