Former Bank of China VP: China's Policy to Curb Virtual Currencies and Advance E-CNY Now Fully Defined

Former Bank of China vice president Wang Yongli wrote on his public WeChat account on Dec. 14 that China's policy orientation of firmly promoting digital renminbi development while resolutely curbing virtual currencies is now completely clear. Wang noted that since May 2025 the U.S. and Hong Kong have been racing to advance stablecoin and crypto asset legislation, while the U.S. is also promoting a ban on issuing a digital dollar, which has triggered global debate over whether China should push ahead with renminbi stablecoin legislation. The People's Bank of China later announced it would refine the positioning of the digital renminbi within the currency system and actively promote its growth, and on Nov. 28 the PBOC and 12 other agencies held a joint meeting that defined stablecoins as a form of virtual currency and reaffirmed the prohibitive policy toward virtual currencies and related illicit financial activities. Wang argued that innovation and broad domestic and international use of the e-CNY must be accelerated to build its unique advantages in international payments.