According to the source, Pan Gongsheng, Governor of the People's Bank of China, said at the 2025 Financial Street Forum that the PBoC will continue working with law enforcement to crack down on domestic virtual-currency operations and speculation to maintain economic and financial order, source: Pan Gongsheng, People's Bank of China, remarks at the Financial Street Forum Annual Conference on Oct 27, 2025. He stated that market-issued cryptocurrencies, especially stablecoins, have proliferated but remain in an early stage, and that international financial organizations and central banks broadly take a cautious stance toward stablecoin development, source: Pan Gongsheng, People's Bank of China, Oct 27, 2025 remarks. Pan added that multiple policy documents released since 2017 to prevent and handle risks from virtual-currency trading and speculation remain valid, source: Pan Gongsheng, People's Bank of China, Oct 27, 2025 remarks. He also said the PBoC will closely track and dynamically assess offshore stablecoin developments, source: Pan Gongsheng, People's Bank of China, Oct 27, 2025 remarks. For traders, this confirms continued regulatory pressure on Mainland-facing on/off-ramps, OTC activity, and stablecoin usage tied to China exposure, reinforcing compliance risk in strategy and liquidity planning, source: Pan Gongsheng, People's Bank of China, Oct 27, 2025 remarks.