Officials from the People's Bank of China and the China Securities Regulatory Commission stated that China has consistently maintained a policy stance of prohibiting virtual currency-related business

PANews reported on February 6th that, according to Jinshi, officials from the People's Bank of China and the China Securities Regulatory Commission answered reporters' questions regarding the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies." They stated that China has consistently maintained a policy stance of prohibiting virtual currency-related business activities. In 2013, five departments, including the People's Bank of China, jointly issued the "Notice on Preventing Bitcoin Risks," clarifying that Bitcoin is a specific virtual commodity and cannot and should not be used as currency in the market. The "Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation," issued in 2021, further clarified that Bitcoin, Ethereum, and stablecoins such as Tether do not have the same legal status as legal tender, and conducting virtual currency-related business activities within China constitutes illegal financial activity and is strictly prohibited. The "Notice" continues the policy stance of recent years, reiterating that virtual currencies do not have the same legal status as legal tender, that conducting virtual currency-related business activities within China constitutes illegal financial activity, and that overseas entities and individuals are prohibited from illegally providing virtual currency-related services to domestic entities in any form.