PANews reported on October 27th that Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting that while virtual currencies, particularly stablecoins, have been increasingly issued by market institutions in recent years, they are still in the early stages of development. International financial organizations, central banks, and other financial regulatory authorities are generally cautious about the development of stablecoins. Since 2017, the People's Bank of China, in conjunction with relevant departments, has issued a number of policy documents to prevent and address the risks of speculation in domestic virtual currency transactions, which remain in effect. Going forward, the People's Bank of China will work with law enforcement agencies to continue cracking down on the operation and speculation of virtual currencies in China to maintain economic and financial order, while also closely monitoring and dynamically evaluating the development of overseas stablecoins.