Chinese state media intensively comments on virtual coins? Lawyer speculates: policies will be introduced soon.

The lawyer observed that the state media has recently commented intensively on virtual coins, and the central bank governor has expressed a negative attitude towards stablecoins, predicting that the government will introduce relevant regulatory policies. (Synopsis: China's central bank governor Pan Gongsheng: Insist on cracking down on cryptocurrencies!) Stablecoins are still in the early stages of development, promoting the development of digital yuan) (Background supplement: The double-sided blade of stablecoins: it may cause capital outflows from developing countries and undermine financial stability) In terms of cycle, a four-year cycle is not only the law of the rise and fall of bitcoin (Bitcoin), but also the timing of regulatory policies. Recently, lawyer Liu Yang has observed some unusual signals. On November 7, 2025, the public account “Feng Lun Fengma Niu” forwarded the article of “Uncrowned Finance” to pardon Zhao Changpeng, who is the big winner? || Depth; On November 9, 2025, the public account “National Computer Virus Emergency Response Center” released an article on the technical traceability analysis report of the LuBian mining pool being attacked by hackers and stolen a huge amount of bitcoin; On November 10, 2025, the public account “Yeping” released an article signed “South Gate Scout” in the digital age – the state-level hackers behind 127,000 bitcoins; On November 11, 2025, the public account “Ye Comment” released an article signed “South Gate Scout” under the digital harvest under technological hegemony: the United States is indiscriminately hollowing out global crypto assets. These public accounts are not official media in the traditional sense of a certain company or newspaper, but to some extent represent the official will, you can understand it as “standing in the perspective of ordinary people and using the identity of ordinary people to export mainstream views”, and the content expressed by them also has strong influence and has reference significance for judging policy trends. There are some public accounts like this, such as “Li'er has faces”, “Xiake Island”, “Yuyuan Tantian”, “Niu plays the piano”, etc., interested friends can search for the background of these public accounts. These public accounts have the following characteristics: First, a large number of people in the system forward. Lawyer Liu Yang has worked in the system for more than ten years before, and is often “brushed the screen” by old colleagues in the circle of friends, if you are a well-intentioned person, you will definitely notice this phenomenon. The second is that these articles are basically 100,000+. People who write public numbers know that it is not small to be able to write 100,000+ difficult, and the important thing is not the number of fans, but the number of retweets. Third, the views output by these public articles are positive and synchronized with mainstream values. Back to the title of this article, the recent official media or semi-official media so intensively commented on virtual currency, this situation has never been seen in the past, through the content of the article, these public names for the overall evaluation of virtual currency is still biased negative, I briefly picked the views of these articles, everyone look at the heart to count: “On the surface, the United States regards bitcoin as a 'digital gold' reserve to hedge against the risk of a depreciation of the dollar and soaring interest rates on U.S. bonds. However, many observers believe that the deeper logic lies in the conversion of global investors' funds into dollar reserves through “on-chain dollar” stablecoins such as USDT and USDC, and then automatically returned to buy US bonds. This is equivalent to opening up a new blood transfusion channel for the huge dollar debt.” “At this point, the more wonderful this reversal from prisoner to amnesty is, the clearer it is: in the game of capital and power, there is never absolute justice, only periodic inclusion, and tacit win-win.” “The Trump administration's cryptocurrency harvesting operation is by no means a simple 'law enforcement crackdown' or 'fiscal revenue generation', but a 'digital colonization' strategy implemented with technological superiority as a weapon under the pressure of the debt crisis, and its essence is to alienate cryptocurrencies from decentralized technological innovation to financial tools and monitoring means that serve US hegemony, posing a systemic threat to the global digital economic order.” “Today they can 'black-eat' through hacking attacks and confiscate the huge amount of bitcoin of Chen Zhi and his princely group, and tomorrow they can use the same means against any individual or organization that is considered a 'threat'.” When enforcers become hackers, when regulators become thieves, the very bedrock of the entire digital ecosystem we trust is being shaken." It's no coincidence. Recently, Pan Gongsheng, governor of the People's Bank of China, said at the annual meeting of the “2025 Financial Street Forum” that stablecoins, as a financial activity, cannot effectively meet the basic requirements of customer identification and anti-money laundering at this stage, amplifying the loopholes in global financial supervision, such as money laundering, illegal cross-border transfer of funds, terrorist financing, etc., and the market speculation atmosphere is strong, increasing the vulnerability of the global financial system and impacting the monetary sovereignty of some underdeveloped economies. Note that Governor Pan Gongsheng's statements about stablecoins are all negative. When we evaluate a thing, we often talk about the issue of “two-sidedness”, such as what are the advantages of this thing, what are the disadvantages, what are the benefits, and what are the disadvantages, but about the stablecoin, President Pan Gongsheng did not give any positive evaluation. At the same time, he also emphasized: Since 2017, the People's Bank of China, together with relevant departments, has successively issued a number of policy documents to prevent and deal with the risk of speculation in domestic virtual currency transactions, which are still valid today. In the next step, the People's Bank of China will continue to crack down on the operation and speculation of domestic virtual currencies with law enforcement departments, maintain economic and financial order, and closely track and dynamically evaluate the development of overseas stablecoins. Many media commented that the central bank has a cautious attitude towards stablecoins, which I think is a bit “wishful thinking” and too optimistic. The cyclical law of regulatory policy issuance In all this, lawyer Liu Yang keenly feels that the state may have issued relevant policies or legal documents on virtual digital currency in the near future. In terms of cycle, a four-year cycle is not only the law of bitcoin's rise and fall, but also the timing of regulatory policies. From the Notice on Preventing Bitcoin Risks in December 2013, to the Announcement on Preventing Risks of Token Issuance and Financing in September 2017, to the Notice on Further Preventing and Dealing with Speculation Risks in Virtual Currency Transactions in September 2021, the halving cycle of Bitcoin is every four years, and our important regulatory policies are issued every four years, which is not unfortunate. Judging from the voice of virtual currency in the mainstream legal community, it is getting louder and louder. Lawyer Liu Yang has represented virtual currency cases since 2019, and there was little discussion in the mainstream legal community at that time; The disclosure of the Plus Token case in 2020 and the big bull market in 2021, the front-line judicial authorities encountered more and more virtual currency cases, everyone is groping for work, and local policies are different. But since last year, the Supreme People's Court has intensively investigated virtual digital currencies, and this year's Supreme People's Procuratorate has also ended. After studying for so long, the two highs will definitely come up with the real chapter. Urgent front-line judicial needs From the perspective of front-line judicial needs, it is urgent to solve the legal problems of virtual currencies. In criminal cases, disputes over whether virtual currencies are data or property have always existed, and the standards of law enforcement in various places are not uniform, and the same case is judged differently, and peers have different lives. From the perspective of civil cases, the court does not care whether you are data or property, and either does not file a case or dismisses the lawsuit. From the perspective of the intersection of criminal and civil, on the one hand, a large number of assets involved in criminal cases are disposed of and confiscated, on the other hand, users are stolen, robbed, deceived, and the public security organs do not accept and do not file a case, while the civil field believes that the currency-related behavior violates public order and good customs, resulting in the invalidity of the contract and the failure of the remedy means, which inevitably makes people feel divided. Policy trend prediction To sum up, lawyer Liu Yang believes that the next regulatory policy and legal documents probably have the following directions: First, the regulatory policy on virtual currency…