“Virtual currencies lack the legal status of fiat money, Chinese officials said during an intra-agency meeting on Friday.”, — write: www.coindesk.com
Virtual currencies lack the legal status of fiat money and cannot be used as currency in markets. All related activities qualify as illegal financial operations, officials from the People’s Bank of China (PBOC), Ministry of Public Security, Central Cyberspace Affairs Commission, and other agencies stressed during an inter-agency meeting convened on Friday.
Officials warned of a recent surge in speculative trading, which poses new financial risks and challenges.
Beijing has long maintained an anti-crypto stance, targeting both mining and speculative trading. Yet China has recently re-emerged as the world’s third-largest bitcoin BTC$85,970.99 mining hub.
During the meeting, the People’s Bank of China warned that stablecoins—tokens pegged to fiat currencies—lack proper customer identification and anti-money laundering protections, enabling money laundering, illicit cross-border financing, and fraud. These remarks contrast sharply with the US’s increasingly favorable stablecoin regulatory environment.
Although mainland China has reiterated its anti-crypto posture, Hong Kong operates under an autonomous, separate legal jurisdiction.
Hong Kong’s government has been supportive of the crypto industry, with stablecoins taking center stage at the government-supported Hong Kong Fintech Week and Financial Secretary Paul Chan opening CoinDesk’s Consensus conference as a keynote speaker.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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Despite expanding institutional infrastructure around XRP, short-term flows turned sharply bearish.
- XRP plunged 7% to $2.05 as institutional selling overpowered ETF inflows, pushing the token back into its November correction range.
- The breakdown below $2.16 marked a failure of XRP’s consolidation, with volume spiking to confirm institutional exit flows.
- Holding $2.05 is critical for XRP, as losing this level could expose the $1.80–$1.87 demand band.
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