Expert Opinion: Stablecoins are not considered "prohibited items" in the criminal law sense

BlockBeats News, December 2, an article in Caijing Magazine Stablecoins Included in the Scope of Virtual Currency Regulation Covering Three Core Considerations, in which Zhao Binghao, Dean of the Institute of Fintech Law at the China University of Political Science and Law, pointed out that the central bank has clearly classified stablecoins as virtual currency. This definition does not consider stablecoins as "prohibited items" in the sense of criminal law, but rather brings the operational, intermediary, and clearing activities around stablecoins into the regulatory scope.

This classification is a key measure to block the source of "currency substitution" and cross-border arbitrage channels. The current crackdown on illegal financial activities related to virtual currency is having a multidimensional impact on the domestic stablecoin ecosystem, and its development space will continue to shrink. This trend has become an industry consensus.