Pan Gongsheng, Governor of the People's Bank of China, announced at the 2025 Financial Street Forum Annual Meeting that the central bank will intensify efforts with law enforcement to curb virtual currency operations and speculation in China. Despite the growing issuance of stablecoins by market institutions, Pan emphasized that these digital assets are still in their nascent stages and are approached cautiously by international financial bodies. Since 2017, the People's Bank of China has implemented several policies to mitigate risks associated with domestic virtual currency transactions. These measures remain active as the bank continues to monitor and evaluate the development of stablecoins globally, aiming to maintain economic and financial stability.