Industry experts: Stablecoins are not recognized as "prohibited items" in the legal sense

The 21st Century Business Herald published an article titled "Stablecoins Included in the Regulation of Virtual Currencies: Three Core Considerations," in which Zhao Binghao, the director of the Financial Technology Law Research Institute at China University of Political Science and Law, pointed out that the central bank has clearly classified stablecoins as virtual currencies. This definition does not categorize stablecoins as "prohibited items" in the criminal law sense, but rather includes the operational, intermediary, and settlement activities surrounding stablecoins within the scope of regulation. This classification is a key measure to block the "currency substitution" and cross-border arbitrage channels from the source. The current regulatory direction against illegal financial activities involving virtual currencies is having a multidimensional impact on the domestic stablecoin ecosystem, and its development space will continue to shrink. This trend has become a consensus in the industry.